Small businesses and nonprofit organizations in seven Idaho counties have until July 7 to apply for low-interest federal disaster loans.
IDAHO, USA — Idaho small businesses and nonprofit organizations in seven counties have until July 7 to apply for low-interest federal disaster loans to help recover from economic losses caused by last summer’s wildfires.
“SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” 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.”
The U.S. Small Business Administration is reminding eligible businesses of the approaching deadline for Economic Injury Disaster Loans related to the Bench Lake and Wapiti fires that began on July 11, 2024.
The disaster declaration covers Blaine, Boise, Butte, Custer, Elmore, Lemhi and Valley counties in Idaho.
Under the declaration, the SBA’s Economic Injury Disaster Loan program provides funding to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit organizations that suffered financial losses directly related to the wildfires. The loans are available even if businesses did not suffer physical damage.
Agricultural producers, farmers and ranchers are not eligible for the disaster loans, except for aquaculture enterprises.
The loans can cover working capital needs, including fixed debts, payroll, accounts payable and other bills that went unpaid due to the disaster. Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits. Terms extend up to 30 years.
Interest does not accrue, and payments are not due until 12 months from the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
People can apply online at sba.gov/disaster or call the SBA’s Customer Service Center at (800) 659-2955. Those who are deaf, hard of hearing or have a speech disability can dial 7-1-1 to access telecommunications relay services.
Applications must be submitted by July 7.
