The U.S. Small Business Administration (SBA) is notifying small businesses and private nonprofit organizations in Ohio about the approaching May 23 deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses due to the drought that began on September 17, 2024.
The drought declaration impacts the Ohio counties of Auglaize, Brown, Butler, Champaign, Clark, Clermont, Clinton, Darke, Delaware, Fayette, Franklin, Greene, Hamilton, Hardin, Highland, Knox, Licking, Logan, Madison, Marion, Miami, Montgomery, Morrow, Preble, Shelby, Union, and Warren.
The SBA’s Economic Injury Disaster Loan (EIDL) program can assist small businesses, agricultural cooperatives, nurseries, and private nonprofits suffering financial losses directly related to the drought. However, agricultural producers, farmers, or ranchers are not eligible, except for small aquaculture enterprises.
These loans can address working capital needs resulting from the disaster and may be used to pay fixed debts, payroll, accounts payable, or other bills. Eligible businesses can receive loans up to $2 million with interest rates starting at 4% for small businesses and 3.25% for PNPs, with terms extending up to 30 years. Loan terms and amounts are determined based on each applicant’s financial situation.
"Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," said 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."
Applications can be submitted online at sba.gov/disaster. For further information, applicants may contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available for those who are deaf, hard of hearing, or have a speech disability by dialing 7-1-1.
The final date to submit economic injury applications is May 23, 2025.