Sacramento, CA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Beckham County, Oklahoma, and Collingsworth and Wheeler Counties in Texas of the June 9 deadline to apply for low-interest federal disaster loans due to economic losses from the drought that began on August 13, 2024.
These loans, available through the SBA’s Economic Injury Disaster Loan (EIDL) program, are designed to help cover working capital needs brought on by the drought. They are available even if no physical damage occurred. Eligible uses include covering fixed debts, payroll, accounts payable, and other bills that couldn’t be paid due to the disaster.
Who’s eligible?
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Small businesses
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Small agricultural cooperatives
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Nurseries
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Private nonprofit organizations
Note: Farmers, ranchers, and agricultural producers (except aquaculture) are not eligible under this program.
Loan amounts can go up to $2 million, with interest rates as low as 4% for small businesses and 3.25% for nonprofits, and repayment terms up to 30 years. No payments are due for 12 months, and interest does not accrue during that time.
Apply online at sba.gov/disaster
?? SBA Customer Service: (800) 659-2955
?? Email: disastercustomerservice@sba.gov
?? TTY: Dial 7-1-1 for relay services
All applications must be submitted by June 9.
