Small businesses and nonprofit organizations in parts of Wyoming are now eligible for low-interest federal disaster loans following a drought declaration issued by the U.S. Small Business Administration.
The assistance is available to businesses in Goshen County, Laramie County, and Niobrara County, which were included in a multi-state disaster declaration covering drought conditions that began April 1.
The SBA’s Economic Injury Disaster Loan program provides working capital to help eligible businesses and private nonprofit groups recover from financial losses tied to the drought. Loans may be used to cover payroll, fixed debts, accounts payable, and other bills that could not be paid because of the disaster.
Eligible applicants include small businesses, small agricultural cooperatives, nurseries, and private nonprofits, including faith-based organizations. Agricultural producers, farmers, and ranchers are generally not eligible, except for certain small aquaculture enterprises.
Chris Stallings said the program provides critical financial assistance to help communities recover from disaster-related economic losses.
Loan amounts can reach up to $2 million, with interest rates as low as 4% for small businesses and 3.625% for nonprofits. Terms may extend up to 30 years, depending on the applicant’s financial condition.
The SBA said interest will not begin accruing and payments will not be due until 12 months after the first loan disbursement.
Applications must be submitted by Dec. 15.
By: DNU staff