The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Montana about the upcoming deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by wildfires that began on July 12, 2024. The application deadline is June 16.
The disaster declaration encompasses several counties in Montana, including Big Horn, Carbon, Carter, Custer, Garfield, Musselshell, Petroleum, Powder River, Rosebud, Treasure, and Yellowstone. It also includes Wyoming counties such as Big Horn, Campbell, Crook, and Sheridan.
Through this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses and nonprofits with financial losses directly linked to the wildfires. However, agricultural producers like farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
These EIDLs aim to cover working capital needs resulting from the disaster and can be used even if there was no physical damage to the business or nonprofit. The funds may assist in paying fixed debts, payrolls, accounts payable, and other expenses that could not be met due to the disaster.
Chris Stallings of the SBA stated: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover.” He added that they are pleased to offer support through these loans.
Loan amounts can reach up to $2 million with interest rates starting at 4% for small businesses and 3.25% for nonprofits. Terms can extend up to 30 years without accruing interest or requiring payments until one year after the first loan disbursement. The specific loan terms depend on each applicant’s financial situation.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 for further information regarding disaster assistance options. Those who are deaf or hard of hearing should dial 7-1-1 for telecommunications relay services.
Applications must be submitted by June 16.