The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations within the Crow Tribe of Montana of the approaching deadline to apply for federal disaster loans. These loans are designed to offset economic losses from a severe storm and straight-line winds that occurred on August 6, 2024. The application deadline is August 14, 2025.
This disaster declaration encompasses not only the Crow Tribe of Montana but also several counties in Montana, including Big Horn, Carbon, Golden Valley, Musselshell, Powder River, Rosebud, Stillwater, Treasure, and Yellowstone. Additionally, Wyoming counties Big Horn and Sheridan are covered under this declaration.
Through this initiative, SBA's Economic Injury Disaster Loan (EIDL) program extends its support to small businesses, agricultural cooperatives, nurseries, and private nonprofits experiencing financial losses directly attributed to the disaster. However, it should be noted that these loans do not extend to agricultural producers such as farmers or ranchers unless they are small aquaculture enterprises.
EIDLs cater to working capital needs arising from the disaster even if there was no physical damage incurred by the business or organization. The funds may be utilized for various operational expenses including fixed debts and payroll.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," said 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 as low as 4% for small businesses and 3.25% for PNPs over terms extending up to 30 years. Interest will not accrue nor will payments be required until one year following the first loan disbursement date. The SBA determines loan amounts based on each applicant’s financial status.
Applications can be submitted online at sba.gov/disaster or further assistance can be sought by contacting SBA’s Customer Service Center via phone or email.
The completed loan applications must reach the SBA by August 14.
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