The US Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Donley County of the November 25 deadline to apply for low interest federal disaster loans to offset economic losses caused by drought beginning November 1, 2024.
The disaster declaration covers the counties of Donley, Armstrong, Childress, Carson, Collingsworth, Gray, Wheeler, Hall, and Briscoe as well as 33 other Texas counties and 15 counties in New Mexico and Oklahoma.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs including faith-based organizations impacted by financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
To apply online visit sba.gov/disaster.
EIDLs are available for working capital needs caused by the drought and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits 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 loan amount can be up to $2 million with interest rates as low as 4.0 percent for small businesses and 3.625 percent for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to the SBA no later than November 25.
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