The U.S. Small Business Administration (SBA) has announced a reminder for small businesses and private nonprofit organizations in Ohio about the upcoming deadline to apply for federal disaster loans. These loans aim to offset economic losses due to the drought that began on September 10, 2024. The deadline for applications is July 7, 2025.
The disaster declaration affects several counties in Ohio, including Erie, Hancock, Henry, Lucas, Ottawa, Putnam, Sandusky, Seneca, and Wood. Under this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits experiencing financial losses directly related to the drought. However, the SBA cannot offer disaster loans to agricultural producers such as farmers or ranchers unless they are small aquaculture enterprises.
EIDLs provide working capital needed due to the disaster and are available even if no physical damage occurred to the business or nonprofit. The loans can cover fixed debts, payroll, accounts payable, and other expenses not paid because of the drought.
"Through a declaration by the U.S. Secretary of Agriculture," stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, "SBA provides critical financial assistance to help communities recover." He added that they are pleased to offer these loans to those impacted by disasters.
Eligible applicants can receive loan amounts up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Terms can extend up to 30 years. Interest does not accrue nor are payments required until one year from the first loan disbursement date. Loan amounts and terms are determined based on each applicant’s financial condition.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for more information regarding SBA disaster assistance. Telecommunications relay services are available by dialing 7-1-1 for individuals who are deaf or hard of hearing.
The final date for submitting economic injury applications is July 7, 2025.