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Disaster Press Releases

MT 13673-01 SBA Economic Injury Disaster Loans Available to Montana Small Businesses

SACRAMENTO, Calif. – Small, nonfarm businesses in the Montana counties of Blaine, Fergus, Garfield, Petroleum, Phillips and Valley are now eligible to apply for low interest federal disaster loans from the U. S. Small Business Administration (SBA).  These loans offset economic losses because of reduced revenues caused by the excessive moisture and flooding that occurred from May 1 - June 27, 2013, in the primary county of Phillips, announced Alfred E. Judd, Director of SBA’s Disaster Field Operations Center   West.

“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,” Judd 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% for businesses and 2.875% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, non-profits without the financial ability to offset the adverse impact without hardship,” Judd said.

By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster.  Secretary Tom Vilsack declared this disaster at the request of Gov. Steve Bullock.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.  Agricultural enterprises should contact the Farm Service Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary’s declaration.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela. 

Information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at www.sba.gov/services/disasterassistance.  Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

The deadline to apply for these loans is March 17, 2014.

 

SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841
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Release Number: 
MT 13673-01
Release Date: 
Thursday, July 18, 2013
Contact: 
Richard Jenkins (916) 735-1500
Related State: 
Montana
Field Operations Center: 
West