The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations within the Havasupai Tribe of an upcoming deadline to apply for federal disaster loans. The loans aim to mitigate economic losses resulting from flooding that occurred on August 22-23, 2024. The deadline for applications is set for July 25, 2025.
This disaster declaration extends beyond the Havasupai Tribe, covering Coconino County in Arizona as well. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, agricultural cooperatives, nurseries, and PNPs that have experienced financial losses due to the flooding event. However, agricultural producers, farmers, and ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs can be used for working capital needs arising from the disaster and are available even if no physical damage was sustained by the business or PNP. The funds may be utilized for fixed debts, payroll expenses, accounts payable, and other obligations unmet because of 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 starting at 4% for small businesses and 3.25% for PNPs. Terms can extend up to 30 years with interest deferral until one year after the initial loan disbursement. Loan amounts and terms are determined based on each applicant’s financial situation.
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 further assistance. Telecommunications relay services are available by dialing 7-1-1.
Completed loan applications must be submitted by July 25.
The U.S. Small Business Administration supports American entrepreneurs by providing resources necessary to start or recover from disasters through its extensive network of field offices and partnerships with public and private entities.