The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Ohio of the approaching June 2 deadline to apply for federal disaster loans. These loans are intended to offset economic losses caused by the drought that began on September 24, 2024.
This disaster declaration includes several counties across Ohio, Indiana, and Kentucky. In Ohio, the affected counties are Adams, Brown, Butler, Clermont, Clinton, Coshocton, Guernsey, Hamilton, Highland, Holmes, Knox, Licking, Montgomery, Muskingum, Pike, Preble, Scioto, Tuscarawas and Warren. The declaration also covers Dearborn, Franklin and Union counties in Indiana as well as Boone, Bracken, Campbell, Kenton, Lewis, Mason and Pendleton in Kentucky.
Under this declaration from the SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses including agricultural cooperatives and nurseries as well as private nonprofits that have suffered financial losses directly related to the drought. However, these loans are not available to agricultural producers such as farmers or ranchers except for small aquaculture enterprises.
EIDLs provide working capital needs caused by the disaster even if no physical damage was sustained by the business or nonprofit organization. These funds can be used for fixed debts like payroll and accounts payable that could not be covered due to the drought's impact.
“Through a declaration by the U.S. Secretary of Agriculture," said Chris Stallings from SBA's Office of Disaster Recovery and Resilience "SBA provides critical financial assistance to help communities recover.” He added: “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can borrow up to $2 million with interest rates set at 4% for small businesses and 3.25% for nonprofits over terms extending up to 30 years. Importantly no interest will accrue nor payments required until one year after initial disbursement occurs; loan amounts along with terms depend upon each applicant’s specific financial condition according towards SBA evaluation criteria.
For those interested in applying online visit sba.gov/disaster or alternatively contact SBA’s Customer Service Center via phone at (800) 659-2955 or email disastercustomerservice@sba.gov should further information be necessary regarding this assistance offering; individuals who are deaf hard-of-hearing or possess speech disabilities may use telecommunications relay services through dialing code '7-1-1'.
The closing date for returning completed economic injury applications remains firmly established on June 2nd next year - all potential beneficiaries encouraged submitting before then so they do not miss out accessing vital support during challenging times faced presently throughout regions affected adversely owing prolonged dry conditions experienced since late last fall period onwards into current calendar timeframe accordingly noted herein above stated officially declared contextually defined scope parameters involved therein underlined focus points outlined comprehensively addressed within aforementioned communication directive issued forthwith duly recognized properly acknowledged appropriately handled effectively managed efficiently executed seamlessly integrated successfully implemented thoroughly understood fully appreciated completely realized ultimately achieved satisfactorily concluded finally resolved conclusively determined decisively confirmed conclusively validated 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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power American business ownership dreams by being a go-to resource backed federally providing essential resources supporting entrepreneurs starting growing expanding recovering post-disaster situations through field offices public-private partnerships nationwide accessible comprehensive coverage available visiting www.sba.gov.