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 severe storms and flooding from March 13-20. This announcement follows a disaster declaration issued after a request from Governor Tina Kotek on June 23.
The disaster declaration includes the counties of Coos, Curry, Douglas, Jackson, Josephine, Klamath, and Lane in Oregon. Businesses and nonprofits can apply for business physical disaster loans with borrowing limits up to $2 million to repair or replace damaged or destroyed assets such as real estate and equipment.
Homeowners and renters are eligible for loans up to $100,000 to replace or repair personal property including clothing and furniture. Homeowners may apply for up to $500,000 for their primary residence repairs. There is also an option for loan increases up to 20% of verified physical damages for mitigation improvements like insulating pipes or installing storm windows.
Additionally, the SBA's Economic Injury Disaster Loan (EIDL) program is available for small businesses and certain nonprofit organizations impacted financially by the disaster. These loans cater to working capital needs such as payroll and accounts payable even if no physical damage occurred.
Interest rates start at 4% for businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with terms extending up to 30 years. Interest accrual begins one year after the first loan disbursement.
Chris Stallings from the SBA stated that "When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover." At these centers, specialists assist with loan applications and provide information on recovery programs.
Starting June 27, SBA representatives will be available at a Disaster Loan Outreach Center in Roseburg, OR to answer questions about the loan program. Walk-ins are accepted but appointments can be scheduled online.
The deadline for submitting physical damage applications is August 25, 2025. For economic injury applications, the deadline is March 24, 2026.