The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Oregon about the approaching deadline to apply for federal disaster loans. The loans are available to mitigate economic losses from the drought that began on August 13, 2024. The application deadline is June 9.
The disaster declaration includes several counties: Baker, Grant, Harney, and Malheur in Oregon; Canyon, Owyhee, Payette, and Washington in Idaho; and Humboldt in Nevada.
Through this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program offers support to small businesses, agricultural cooperatives, nurseries, and nonprofits affected by the drought. However, the SBA cannot provide disaster loans to farmers or ranchers unless they are small aquaculture enterprises.
The EIDLs address working capital needs due to the disaster. These funds can cover fixed debts, payrolls, accounts payable, and other bills not paid because of the drought's impact.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings from the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits. The terms can extend up to 30 years. Interest does not accrue until one year after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Those who are deaf or hard of hearing may use telecommunications relay services by dialing 7-1-1.
Completed applications must be submitted by June 9.