Eligible small businesses and nonprofit organizations in Texas are being reminded by the U.S. Small Business Administration (SBA) about the impending deadline to apply for disaster relief loans. The deadline for applications is set for May 23, 2025. These loans aim to offset the economic losses caused by the drought starting September 17, 2024.
The disaster declaration covers several counties in Texas, including Archer, Baylor, and Wichita among others, as well as specific counties in Oklahoma such as Beaver and Ellis.
The loans fall under the SBA's Economic Injury Disaster Loan (EIDL) program. They are available to small businesses, agricultural cooperatives, nurseries, and private nonprofit organizations that have suffered financial losses due to the drought. However, these loans are not available for agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs can be used to cover working capital needs that have arisen from the disaster, such as paying off fixed debts, payroll, and other bills. The loans are offered with interest rates of 4% for small businesses and 3.25% for nonprofit organizations, with terms extending to 30 years.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, “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.”
Interested applicants can apply online at sba.gov/disaster or contact the SBA's Customer Service Center for more information. Loan applications must be submitted by May 23, 2025.