The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofits (PNPs) in Nebraska of the approaching deadline for applying for federal disaster loans. These low-interest loans are designed to help offset economic losses resulting from the drought that began on July 23, 2024. The loans are available to qualified entities in the Nebraska counties of Box Butte, Dawes, Scotts Bluff, Sheridan, and Sioux, as well as in Fall River and Oglala Lakota counties in South Dakota, and Goshen and Niobrara counties in Wyoming.
The SBA’s Economic Injury Disaster Loan (EIDL) program is open to small businesses, agricultural cooperatives, nurseries, and PNPs with financial losses linked to the drought. However, it should be noted that the SBA cannot extend disaster loans to agricultural producers, farmers, or ranchers, with the exception of small aquaculture enterprises.
These EIDLs offer crucial financial support with working capital needs caused by the drought, and they remain available even if the entity didn't sustain physical damage. The loans can help cover fixed debts, payroll, accounts payable, and other expenses that have gone unpaid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” stated Chris Stallings, the SBA’s associate administrator of the Office of Disaster Recovery and Resilience. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can seek loans of up to $2 million, with interest rates as low as 4% for small businesses and 3.25% for PNPs, for terms extending up to 30 years. Interest only begins accruing a year after the first loan disbursement. The SBA will determine loan amounts and terms based on each applicant's finances.
Those interested can apply online at sba.gov/disaster. Alternatively, potential applicants can reach out to the SBA's Customer Service Center at (800) 659-2955 or via disastercustomerservice@sba.gov for more details. Telecommunications relay services for individuals with specific hearing or speech needs can be accessed by dialing 7-1-1.
The deadline for submitting completed loan applications is May 16.