The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Missouri about the upcoming deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by drought conditions that began on October 8, 2024. The application deadline is June 16.
The disaster declaration encompasses several counties across Missouri, Arkansas, Kansas, and Oklahoma. In Missouri, the affected counties include Barry, Barton, Cedar, Christian, Dade, Douglas, Greene, Jasper, Lawrence, McDonald, Newton, Ozark, Polk, Stone, Taney and Vernon. Additionally, it covers Benton, Boone, Carroll and Marion counties in Arkansas; Cherokee and Crawford counties in Kansas; and Delaware and Ottawa counties in Oklahoma.
Through this declaration by the U.S. Secretary of Agriculture under the SBA’s Economic Injury Disaster Loan (EIDL) program provides financial support to small businesses and private nonprofits with direct financial losses due to the drought. However agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs can be used for working capital needs arising from the disaster without requiring physical damage to qualify. They can cover fixed debts payroll accounts payable and other bills impacted by the drought's economic effects.
“Through a declaration by the U.S. Secretary of Agriculture SBA provides critical financial assistance to help communities recover,” stated 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 starting at 4% for small businesses and 3.25% for private nonprofits with repayment terms extending up to 30 years. Interest does not accrue nor are payments required until one year after disbursement begins. The specific loan amounts and terms depend on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster or further information can be obtained through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available for those who need them by dialing 7-1-1.
Completed applications must be submitted no later than June 16.