The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Wyoming to apply for federal disaster loans by May 23. These loans are intended to offset economic losses caused by the drought that began on July 30, 2024.
The disaster declaration includes the Wyoming counties of Albany, Big Horn, Campbell, Converse, Goshen, Johnson, Laramie, Niobrara, Platte, and Sheridan. It also covers the Montana counties of Big Horn and Powder River and the Nebraska counties of Banner, Scotts Bluff, and Sioux.
The SBA's Economic Injury Disaster Loan (EIDL) program provides financial help to small businesses, small agricultural cooperatives, nurseries, and private nonprofits with economic losses due to the drought. "Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. He added, “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
These loans can reach up to $2 million, with interest rates as low as 4% for small businesses and 3.25% for private nonprofits, with terms extending up to 30 years. Interest does not accrue, and payments are not due until 12 months after the first loan disbursement. Loan amounts and conditions are determined based on the financial status of each applicant.
To apply for these loans, businesses may visit sba.gov/disaster. Alternatively, they can contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Telecommunications relay services are available for individuals who are deaf, hard of hearing, or have a speech disability by dialing 7-1-1.
Applications must be submitted to the SBA by May 23. The SBA continues its mission to support small businesses and entrepreneurs by offering resources and financial support in times of need.