The U.S. Small Business Administration (SBA) has issued a reminder to eligible private nonprofit organizations within the Confederated Tribes and Bands of the Yakama Nation regarding the upcoming deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses caused by wildfires that occurred between June 22 and July 8, 2024. The deadline for applications is June 24.
Through this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to private nonprofits providing non-critical governmental services that experienced financial losses due to the disaster. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs aim to cover working capital needs resulting from the disaster and are available even if there was no physical damage. The loans can be used for fixed debts, payroll, accounts payable, and other expenses not covered because of the disaster.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated: “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery.” He added that these loans play a significant role in sustaining local economies post-disaster.
The loan amount can reach up to $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not accrue until one year after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial condition.
Applicants are encouraged to submit their applications promptly as they will be prioritized by order received. The SBA assures efficient processing of these applications.
Further information on applying online or accessing additional disaster assistance can be found at sba.gov/disaster. Assistance is also available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are accessible by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by June 24.
The U.S. Small Business Administration plays a vital role in supporting American business ownership through resources backed by federal strength. It assists entrepreneurs in starting, growing, expanding their businesses or recovering from declared disasters through its network of field offices and partnerships with various organizations.