The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and nonprofit organizations in Idaho about the approaching deadline of July 7, 2025, for applying for federal disaster loans. These loans are intended to help offset economic losses caused by wildfires, including the Bench Lake and Wapiti fires that began on July 11, 2024.
This disaster declaration encompasses several Idaho counties: Blaine, Boise, Butte, Custer, Elmore, Lemhi, and Valley. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these wildfires. The SBA notes that it cannot provide disaster loans to agricultural producers such as farmers or ranchers unless they are aquaculture enterprises.
EIDLs can be used for working capital needs resulting from the disaster. They may cover fixed debts, payrolls, accounts payable, and other bills that could not be paid due to the impact of the wildfires.
"SBA loans help eligible small businesses cover operating expenses after a disaster," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the 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."
The loan amount can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits with terms extending up to 30 years. Interest does not accrue nor are payments due until 12 months after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial condition.
To apply online for these loans or obtain more information about SBA disaster assistance programs, visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For those 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 no later than July 7.
About the U.S. Small Business Administration: The U.S. Small Business Administration supports American entrepreneurs with resources needed for business growth and recovery from declared disasters through its extensive network of field offices and partnerships with various organizations.