SBA Economic Injury Disaster Loans Available to Idaho Small Businesses

November 25, 2014

Small, nonfarm businesses in Boundary County and 10 other counties in Idaho, as well as neighboring counties in Montana, Utah, Washington and Wyoming, are now eligible to apply for low‑interest federal disaster loans from the U. S. Small Business Administration (SBA). These loans offset economic losses resulting from reduced revenues caused by the excessive rain that occurred July 16 - September 21, 2014, in several "primary counties," according to Tanya N. Garfield, Director of SBA's Disaster Field Operations Center - West. Primary Idaho counties affected by this announcement and eligible for these loans include, along with Boundary County, Bear Lake, Fremont and Madison counties. Neighboring Idaho counties that are eligible are: Bonner, Bonneville, Caribou, Clark, Franklin, Jefferson and Teton counties. “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said. Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. “Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for businesses and 2.625 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Ms. Garfield said. By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster on November 19, 2014. Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary’s declaration. Applicants for the SBA disaster loans may apply online using the Electronic Loan Application via SBA’s secure Web site at https://disasterloan.sba.gov/ela Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or e-mailing disastercustomerservice@sba.gov    Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. For more information about SBA's disaster assistance programs, visit http://www.sba.gov/disaster The deadline to apply for these loans is July 20, 2015.