The U.S. Small Business Administration (SBA) has issued a reminder to eligible small businesses and private nonprofit organizations in Nebraska regarding the upcoming deadline for applying for federal disaster loans. These loans aim to mitigate economic losses resulting from the drought that began on August 20, 2024. The deadline for applications is June 16.
The affected areas include several counties in Nebraska: Banner, Box Butte, Cheyenne, Clay, Fillmore, Gage, Garden, Jefferson, Johnson, Lancaster, Morrill, Nuckolls, Otoe, Pawnee, Saline, Scotts Bluff, Sheridan, Thayer and Webster. Additionally, the Kansas counties of Jewell, Marshall, Republic and Washington are covered under this disaster declaration.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers financial assistance to small businesses and private nonprofits that have experienced financial losses due to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they are small aquaculture enterprises.
These loans can be used for working capital needs even if no physical damage was sustained by the business or organization. They can cover expenses like fixed debts and payroll that could not be paid because of the disaster.
Chris Stallings from the SBA stated: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover.” He added: “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can receive loans up to $2 million with interest rates starting at 4% for small businesses and 3.25% for nonprofits. Loan terms can extend up to 30 years with no interest accrual or payments required until one year after the first loan disbursement. The loan amounts and terms depend on each applicant's financial condition.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for further information about disaster assistance options available through the SBA.
Completed applications must be submitted by June 16.