The U.S. Small Business Administration (SBA) has issued a reminder to eligible private nonprofit organizations in Montana about the approaching deadline to apply for federal disaster loans. These loans are aimed at offsetting economic losses caused by the straight-line winds that impacted the region on July 24, 2024. The deadline for applications is May 23, 2025.
The disaster declaration covers the counties of Missoula and Powell in Montana. Under this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is available to private nonprofit organizations that provide non-critical services of a governmental nature and have suffered financial losses due to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, and community centers, among others.
EIDLs are intended for working capital needs related to the disaster and can be used even if there was no physical damage to the property. These loans can cover fixed debts, payroll, accounts payable, and other financial obligations that were affected by the disaster.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery. These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The loans can reach up to $2 million, with interest rates as low as 3.25% and terms of up to 30 years. Interest and payments will not begin until 12 months after the first loan disbursement. Loan amounts and terms are determined based on the applicant's financial situation.
The SBA urges potential applicants to submit their applications quickly, as they will be processed in the order received. The administration is committed to ensuring efficient processing of all loan applications.
For online applications, visit sba.gov/disaster. For more information, applicants can contact the SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Those who are deaf, hard of hearing, or have a speech disability can use telecommunications relay services by dialing 7-1-1.
The submission deadline for completed loan applications is May 23, 2025.