The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses, private nonprofits, and residents in Oregon affected by the Harney County flooding from March 12 to April 15. This declaration includes the Oregon counties of Crook, Deschutes, Grant, Harney, Lake, and Malheur, as well as Nevada's Humboldt and Washoe counties.
Eligible businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets. Homeowners and renters may apply for loans up to $100,000 for personal property replacement or repair. Additionally, homeowners can borrow up to $500,000 for primary residence repairs.
Applicants might qualify for a loan increase of up to 20% of their physical damage verified by the SBA for mitigation purposes. Eligible improvements include insulating pipes and walls or installing storm windows.
The SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses and private nonprofit organizations impacted financially by this disaster. EIDLs address working capital needs caused by the disaster even if no physical damage occurred.
Interest rates are set at 4% for businesses, 3.62% for PNPs, and 2.75% for homeowners and renters with terms extending up to 30 years. Payments are deferred until 12 months after the first loan disbursement.
Chris Stallings from the SBA stated: “When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover.” Starting June 27th, SBA representatives will be available at the Harney County Senior Center in Burns, OR to assist with applications.
Applications can be submitted online at sba.gov/disaster or through contact with SBA’s Customer Service Center at (800) 659-2955. The deadline for physical damage applications is August 25th while economic injury applications are due by March 25th next year.