In response to a Presidential disaster declaration issued on May 21, the U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for Missouri small businesses, private nonprofit organizations, and residents affected by severe storms, straight-line winds, tornadoes, and wildfires that occurred from March 14-15.
The disaster declaration includes the Missouri counties of Bollinger, Butler, Camden, Carter, Franklin, Howell, Iron, Jefferson, Oregon, Ozark, Perry, Phelps, Reynolds, Ripley, St. Louis, Wayne, Webster and Wright.
Businesses and nonprofits can apply for business physical disaster loans to repair or replace damaged or destroyed real estate and other assets. These loans may reach up to $2 million. Homeowners and renters can apply for home and personal property loans with amounts up to $100,000 for personal property replacement or repair. Homeowners may also apply for up to $500,000 for their primary residence.
Applicants could be eligible for a loan increase of up to 20% of their physical damages verified by the SBA for mitigation purposes. Eligible improvements include insulating pipes and attics or installing storm windows.
The Economic Injury Disaster Loan (EIDL) program is available to small businesses and nonprofits impacted financially by this disaster. These loans address working capital needs even if no physical damage occurred.
Chris Stallings from the SBA highlighted an advantage of the loan program: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage.”
Interest rates start at 4% for small businesses; 3.62% for nonprofits; and 2.75% for homeowners and renters with terms extending up to 30 years. Payments are deferred until 12 months after the first disbursement.
Federal-State Disaster Recovery Centers will soon offer one-on-one assistance in affected areas. For more information or application details visit sba.gov/disaster or call (800) 659-2955.
The deadline for applications concerning physical property damage is July 21, 2025; economic injury applications must be submitted by February 23, 2026.