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Disaster Loans Available to Businesses

 

October 5, 2017



MONTANA – Businesses or private non-profit organizations that suffer physical damage or sustain economic injury in a declared disaster area may be eligible for long-term, low-interest loans from the U.S. Small Business Administration to repair or replace damaged property.

While there were no physical damages caused by the Rice Ridge Fire, small businesses and most private non-profit organizations of all sizes suffering substantial economic injury may be eligible for an Economic Injury Disaster Loan of up to $2 million to meet necessary financial obligations – expenses the business would have paid if the disaster had not occurred.

The loan provides working capital for disaster-related needs until a business or private non-profit organization recovers. The Economic Injury Disaster Loan can be requested for the amount of economic injury but not in excess of what the business or private non-profit organization could have paid if the disaster had not occurred. EIDL loans cannot refinance long-term debts or provide working capital needed before the disaster. EIDL loans do not replace sales or lost profits.

The interest rate on the loan will not exceed four percent if credit is not available elsewhere. Repayment can be up to 30 years, depending on the business’s ability to repay the loan. For businesses and nonprofit organizations with credit available elsewhere, the interest rate will not exceed eight percent. SBA determines whether the applicant has credit available elsewhere.

Businesses may apply directly to the SBA for possible assistance. The SBA will send an inspector to estimate the cost of the damage once you have completed and returned your loan application.

Loan applications forms can be made electronically by visiting https://disasterloan.sba.gov/ela/.

For additional information, please contact the SBA Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

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