The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Alaska regarding the approaching deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by flooding that occurred on August 5-6, 2024. The deadline for applications is July 16, 2025.
The disaster declaration applies to the Chatham Regional Educational Attendance Area, Haines Borough, City and Borough of Juneau, and Petersburg Borough. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that have suffered financial losses directly related to the disaster. However, agricultural producers, farmers, or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs are designed to cover working capital needs resulting from the disaster and can be used even if there was no physical damage to the business or nonprofit. The loans can be utilized for fixed debts, payroll, accounts payable, and other expenses that could not be paid due to the disaster.
“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 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.”
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. The terms can extend up to 30 years. Interest does not accrue until 12 months after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster. Additional information is available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are accessible by dialing 7-1-1.
Completed loan applications must be submitted by July 16.