The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Wyoming of the upcoming deadline to apply for federal disaster loans. These loans aim to offset economic losses caused by wildfires that began on June 11, 2024. The deadline for applications is June 16.
The disaster declaration covers multiple counties across Wyoming, Colorado, Montana, Nebraska, and South Dakota. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, the SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers unless they are small aquaculture enterprises.
These EIDLs are intended for working capital needs caused by the disaster and can be used even if there was no physical damage to the business or nonprofit organization. The loans may cover fixed debts, payroll, accounts payable, and other bills that could not be paid due to 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.”
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Terms can extend up to 30 years. Interest does not accrue until 12 months after the first loan disbursement date.
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. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by June 16.
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