Relief Still Available to Montana Businesses Hit by Summer Drought: Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

SACRAMENTO, Calif. - The U.S. Small Business Administration (SBA)is reminding eligible small businesses and private nonprofit (PNP) organizations in Montana of the Feb. 18, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began June 1, 2024.

The disaster declaration includes theprimary county of Mineral, as well as the adjacent counties of Missoula and Sanders, and Clearwater and Shoshone in Idaho.

Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL)program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

"When farmers face crop losses and a disaster is declared by the secretary of agriculture, SBA working capital loans become a lifeline for eligible small businesses," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. "These loans are the backbone that helps rural communities bounce back and thrive after a disaster strikes."

The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% 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.

SBA's disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on December 21, 2024.

The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected]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 Feb. 18.

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