The U.S. Small Business Administration (SBA) has issued a reminder to eligible small businesses and private nonprofit (PNP) organizations in Wyoming regarding the approaching deadline of June 2 to apply for low-interest federal disaster loans. These loans are intended to mitigate economic losses caused by the wildfires that began on June 11, 2024.
The disaster declaration includes the Wyoming counties of Campbell, Converse, Crook, Johnson, Sheridan, and Weston, along with Powder River in Montana.
The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNP organizations that have experienced financial losses directly attributed to the disaster. However, agricultural producers, farmers, and ranchers are not eligible for these loans, except in cases involving small aquaculture enterprises.
EIDLs serve the purpose of covering working capital needs resulting from the disaster, even if the business or PNP did not incur physical damages. These loans can be utilized to pay fixed debts, payroll, accounts payable, and other expenses not covered because of the disaster.
"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."
The maximum loan amount can reach up to $2 million, carrying interest rates as low as 4% for small businesses and 3.25% for PNPs. The loan terms can extend up to 30 years, with the condition that interest does not accrue and payments are not required until 12 months after the first loan disbursement. Loan amounts and terms are determined by the SBA based on each applicant’s financial status.
Applications can be submitted online at sba.gov/disaster. For more information on SBA disaster assistance, applicants may contact the SBA’s Customer Service Center by calling (800) 659-2955 or emailing disastercustomerservice@sba.gov. Individuals who are deaf, hard of hearing, or have a speech disability should dial 7-1-1 to access telecommunications relay services.
All completed loan applications must be submitted to the SBA by June 2.
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