The U.S. Small Business Administration (SBA) is alerting small businesses and nonprofit organizations in Georgia about the approaching deadline to apply for federal disaster loans. These loans are available to address the economic losses caused by a drought that started on September 17, 2024. Applications need to be submitted by May 23, 2025.
The affected areas include Catoosa, Chattooga, Dade, Floyd, Gordon, Walker, and Whitfield counties in Georgia, as well as DeKalb and Jackson counties in Alabama, and Hamilton and Marion counties in Tennessee.
The SBA’s Economic Injury Disaster Loan (EIDL) program specifically supports small businesses, agricultural cooperatives, nurseries, and private nonprofit organizations facing financial difficulties directly linked to the drought. However, traditional agricultural producers, farmers, and ranchers are not eligible for these loans, except for small aquaculture enterprises.
EIDLs can be utilized for working capital requirements induced by the disaster, even if no physical damage occurred to the business or organization. These loans provide financial assistance for paying fixed debts, payroll, accounts payable, and other obligations unmet because of 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. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can go up to $2 million, with interest rates as low as 4% for small businesses and 3.25% for nonprofits, with repayment terms extending up to 30 years. Interest and repayments are deferred for the first 12 months from the initial disbursement. The loan conditions and amounts are tailored based on the applicant's financial situation.
Interested businesses and organizations can apply online at sba.gov/disaster or contact the SBA’s Customer Service Center for further assistance at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Additionally, individuals with hearing or speech disabilities can access telecom relay services by dialing 7-1-1.
The SBA emphasizes that the final date to submit economic injury applications is May 23, 2025.