The U.S. Small Business Administration (SBA) is alerting small businesses and private nonprofit organizations in Wyoming about the approaching deadlines to apply for federal disaster loans. These loans are intended to compensate for economic losses due to the drought that commenced in August 2024.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience, affirmed the SBA's commitment to providing financial assistance, stating, “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover. We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Two disaster declarations have been issued, listing affected counties. Declaration WY 20763 covers five primary counties: Fremont, Hot Springs, Park, Sublette, and Teton. Neighboring counties include Big Horn, Carbon, Lincoln, Natrona, Sweetwater, and Washakie in Wyoming; and several counties in Idaho and Montana. This declaration pertains to the drought that began on August 6, 2024, with a loan application deadline of May 30, 2025.
Declaration WY 20772 is specific to Lincoln County, with neighboring counties extending to parts of Wyoming, Idaho, and Utah. This declaration is related to the drought starting on August 13, 2024, with a deadline of June 9, 2025, for loan applications.
These Economic Injury Disaster Loans (EIDLs) are designated for small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations that have suffered financial losses due to the drought. Although the SBA cannot issue loans directly to traditional agricultural producers, exceptions exist for small aquaculture enterprises.
The loans aim to address working capital needs stemming from the drought. Even if no physical damage occurred, these funds can cover costs such as debts, payroll, and other financial obligations unmet because of the drought. Loan amounts can reach $2 million, with interest rates at 4% for small businesses and 3.25% for nonprofits, over terms up to 30 years. Payments are deferred for 12 months from the initial loan disbursement.
Eligible parties can apply online at sba.gov/disaster. For additional inquiries, the SBA Customer Service Center is available at (800) 659-2955, and the email contact is disastercustomerservice@sba.gov. Individuals who are deaf, hard of hearing, or have speech disabilities can utilize telecommunications relay services by dialing 7-1-1.