The U.S. Small Business Administration (SBA) is reminding small businesses, private nonprofits, and residents in Oregon of the approaching deadline to apply for federal disaster loans following the Harney County flooding that occurred from March 12 to April 15. The deadline for applications is August 25.
The disaster declaration affects several counties in Oregon, including Crook, Deschutes, Grant, Harney, Lake, and Malheur, as well as Humboldt and Washoe counties in Nevada.
Eligible small businesses and nonprofits can apply for business physical disaster loans of up to $2 million to repair or replace damaged or destroyed property such as real estate, machinery, equipment, inventory, and other business assets.
Homeowners and renters may apply for home and personal property loans. Homeowners can borrow up to $500,000 to repair or replace their primary residence, while renters can borrow up to $100,000 for personal property like clothing and furniture.
Applicants might also qualify for a loan increase of up to 20% of their verified physical damage for mitigation purposes. Improvements could include strengthening structures against high winds or installing storm shelters.
Chris Stallings from the SBA's Office of Disaster Recovery and Resilience stated: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future damage.”
Additionally, the SBA’s Economic Injury Disaster Loan (EIDL) program offers assistance to eligible small businesses and nonprofit organizations impacted by financial losses due to this disaster. However, agricultural producers are not eligible unless they are aquaculture enterprises.
Interest rates vary: 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms extending up to 30 years. Interest accrual begins 12 months after the first loan disbursement.
For more information or to apply online visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. The deadline for returning physical damage applications is August 25.