The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit organizations within the Cheyenne River Sioux Tribe about the approaching deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses from severe storms, straight-line winds, and flooding that occurred on July 13-14, 2024. The deadline for applications is August 1, 2025.
Eligible organizations include those providing non-critical governmental services such as food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges. The SBA's Economic Injury Disaster Loan (EIDL) program offers financial assistance for working capital needs resulting from the disaster. Loans can be used to cover fixed debts, payrolls, accounts payable, and other expenses disrupted by the storm.
Chris Stallings of the SBA emphasized the importance of these loans in helping small businesses and nonprofits recover after disasters. "SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," he stated.
Loan amounts can reach up to $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not accrue until one year after the first loan disbursement. Loan amounts and terms are determined based on each applicant's financial condition.
The SBA urges prompt submission of applications as they will be processed in order of receipt. Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov.
Applications must be submitted by August 1.