The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations within the San Carlos Apache Tribe that the deadline to apply for federal disaster loans related to the Watch Fire is approaching. The deadline for these low-interest loans, which aim to offset economic losses from the fire occurring between July 10 and July 17, 2024, is set for July 7, 2025.
This disaster declaration encompasses Arizona's Gila, Graham, and Pinal counties in addition to the San Carlos Apache Tribe area. Through this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program becomes available to small businesses, agricultural cooperatives, nurseries, and private nonprofits with financial losses linked directly to the disaster. However, these loans are not extended to agricultural producers like farmers or ranchers unless they are small aquaculture enterprises.
EIDLs are intended for working capital needs resulting from the disaster. These loans can be used even if there was no physical damage incurred by a business or organization. They may cover fixed debts, payrolls, accounts payable, and other expenses unmet due to the incident.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits over terms extending up to 30 years. Interest does not accrue nor are payments required until one year following the initial loan disbursement date. The SBA determines loan amounts and terms based on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster. Alternatively, applicants may contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for further information on assistance options provided by SBA during disasters. For individuals who are deaf or hard of hearing or have speech disabilities, telecommunications relay services can be accessed by dialing 7-1-1.
All completed loan applications must be submitted by July 7.
About the U.S. Small Business Administration: The U.S. Small Business Administration supports American entrepreneurship through its extensive network backed by federal government resources designed to empower entrepreneurs and business owners with necessary support for starting new ventures or recovering from declared disasters.