Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration (SBA), has reminded Idaho private nonprofit organizations of the August 9 deadline to apply for an SBA federal disaster loan for property damage caused by the severe storm, flooding, landslides, and mudslides that occurred on April 14-15. Private nonprofits that provide services of a governmental nature are eligible for this assistance.
Eligible private nonprofits of any size can apply for SBA federal disaster loans of up to $2 million. These loans can be used to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Additionally, the SBA can provide funds for improvements to protect, prevent, or minimize future disaster damage.
SBA also offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. These loans can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact. Importantly, economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. The deadline for private nonprofits to apply for an SBA Economic Injury Disaster Loan is March 10, 2025.
These low-interest federal disaster loans are available in Idaho, Lewis, and Shoshone counties. The interest rate for these loans is 3.25 percent, with terms extending up to 30 years. The loan amounts and terms are set by the SBA based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment also begins 12 months from the date of the first disbursement.
Applicants can apply online and receive additional disaster assistance information at SBA.gov/disaster. For more details, applicants can call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. People who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services.
SBA’s disaster loans aim to help private nonprofits recover from losses caused by natural disasters. These loans offer a vital lifeline for organizations struggling to rebuild and continue providing services to their communities. By offering flexible terms and deferred interest accrual, the SBA allows affected nonprofits to focus on recovery without the immediate burden of financial repayment.
It’s important for eligible organizations to take advantage of this opportunity before the deadline. Applying for these loans can provide the necessary resources to repair, replace, and improve infrastructure, making them better prepared against future disasters. As the August 9 deadline approaches, Idaho’s private nonprofits should act swiftly to secure the support needed to recover and strengthen their operations.
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This article, "Deadline for Idaho SBA Disaster Loans for Storm Damage Approaches" was first published on Small Business Trends
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