The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Idaho regarding the approaching deadline for federal disaster loan applications. The loans aim to mitigate economic losses resulting from the drought that began on August 13, 2024.
This disaster declaration includes several counties in Idaho—Bingham, Bonneville, Caribou, Fremont, Jefferson, Madison, and Teton—as well as Lincoln and Teton counties in Wyoming.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits experiencing financial losses due to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
These EIDLs are intended for working capital needs caused by the disaster and can be used even if no physical damage occurred. They cover expenses like fixed debts, payrolls, accounts payable, and other bills impacted by the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” stated Chris Stallings from the Office of Disaster Recovery and Resilience at 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 starting at 4% for small businesses and 3.25% for private nonprofits over terms extending up to 30 years. Interest does not accrue nor are payments required until one year after the first loan disbursement. The SBA determines loan amounts based on each applicant's financial condition.
Applications can be submitted online at sba.gov/disaster or through contact with SBA’s Customer Service Center via phone or email. For telecommunications relay services access dial 7-1-1.
All completed applications must be submitted by June 9.