WASHINGTON – The U.S. Small Business Administration (SBA) is reminding private nonprofit (PNP) organizations in Oregon of the March 3, 2025 deadline to apply for low interest federal disaster loans to offset physical damage caused by wildfires that occurred July 10-Aug.23, 2024.
The disaster declaration covers the counties of Gilliam, Grant, Umatilla, Wasco and Wheeler.
Under this disaster declaration, PNPs that provide services of a governmental nature are eligible to apply for business physical disaster loans. Eligible PNPs may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.
Interest rates can be as low 3.25%, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
PNPs are also eligible to apply for Economic Injury Disaster Loans (EIDLs) to help meet working capital needs. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. EIDL assistance is available regardless of whether the PNP suffered any physical property damage.
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to return applications for physical property damage is March 3. to return economic injury applications is Oct. 1.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.