October 4, 2024
SACRAMENTO, Calif. – Small nonfarm businesses in Wheeler and Collingsworth counties in Texas, along with Roger Mills and Ellis counties in Oklahoma, are now eligible to apply for low-interest federal disaster loans through the U.S. Small Business Administration (SBA). These loans, announced by Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience, are designed to help offset economic losses caused by the recent drought, which has severely impacted revenues in these areas since September 17.
For businesses in Wheeler and Collingsworth counties in Texas and Roger Mills and Ellis counties in Oklahoma, these Economic Injury Disaster Loans (EIDL) offer a crucial lifeline to help sustain operations during difficult times. The SBA eligibility extends to small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations that may have been financially affected by drought conditions.
“These loans are vital for rural businesses facing economic setbacks due to natural disasters, providing a bridge to help maintain operations until conditions improve,” said Sánchez.
The loans can provide up to $2 million to cover financial obligations and operating expenses that could not be met due to the drought. Interest rates are set at 4 percent for businesses and 3.25 percent for private nonprofits, with a maximum repayment term of 30 years. The interest will not accrue for the first 12 months following the loan disbursement, giving businesses much-needed breathing room as they recover from the disaster’s impact.
For small businesses in Wheeler, Collingsworth, Roger Mills, and Ellis counties, this is an opportunity to seek relief and plan for a stronger recovery.
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