The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Missouri about the approaching deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by Hurricane Helene, which brought excessive rain and high winds on September 28-29, 2024.
The affected areas include several counties in Missouri, Arkansas, Illinois, Kentucky, and Tennessee. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, agricultural cooperatives, nurseries, and private nonprofits that have suffered financial losses due to the disaster. However, the SBA cannot provide loans to agricultural producers unless they are small aquaculture enterprises.
These EIDLs are meant for working capital needs resulting from the disaster and can be used even if there was no physical damage. The funds may cover fixed debts, payrolls, accounts payable, and other expenses not paid because of the disaster.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," said Chris Stallings from the SBA's Office of Disaster Recovery and Resilience. "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 with interest starting one year after disbursement.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For those who need telecommunications relay services, dial 7-1-1.
The deadline for submitting completed loan applications is August 11.