The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Georgia of the upcoming deadline to apply for federal disaster loans. These loans aim to mitigate economic losses caused by drought conditions that began on June 1, 2024. The deadline for applications is June 30, 2025.
The disaster declaration affects several counties in Georgia, including Baldwin, Bibb, Butts, Greene, Hancock, Houston, Jasper, Jones, Monroe, Morgan, Newton, Oconee, Oglethorpe, Putnam, Taliaferro, Twiggs, Walton, Washington and Wilkinson.
The SBA's Economic Injury Disaster Loan (EIDL) program offers financial assistance to small businesses and private nonprofits that have suffered financially due to the drought. However, the program does not extend to agricultural producers such as farmers or ranchers unless they are involved in small aquaculture enterprises.
These loans can be used for working capital needs resulting from the disaster. This includes paying fixed debts and covering payrolls or accounts payable. Notably, physical damage is not a prerequisite for loan eligibility.
“Through a declaration by the U.S. Secretary of Agriculture," said Chris Stallings of the SBA’s Office of Disaster Recovery and Resilience. "SBA provides critical financial assistance to help communities recover."
Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofits. The terms may extend up to 30 years based on each applicant's financial condition. Interest will not accrue until one year after the first loan disbursement.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 for more information regarding disaster assistance options.