US Small Business Administration Economic Injury Loans Available To Those In WY And MT Affected By Drought

Small nonfarm businesses in 10 Wyoming counties and 5 counties in Montana are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration.

According to the Office of Disaster Recovery and Resilience at the Small Business Administration these loans offset economic losses because of reduced revenues caused by drought that started on July 30th.

The 10 Wyoming counties are Sheridan, Johnson, Campbell, Big Horn, Converse, Niobrara, Goshen, Platte, Laramie and Albany.

The 5 counties in Montana are Big Horn, Carter, Custer, Rosebud and Powder River.

When farmers face crop losses and a disaster is declared by the Secretary of Agriculture, SBA working capital loans become a lifeline for eligible small businesses.

Small non farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans 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 the loans is based on the financial impact of the disaster only and not on any actual property damage. 

The loans have an interest rate of 4 percent for businesses and 3.25 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.

Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. 

SBA disaster loan repayment begins 12 months from the date of the first disbursement.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. 

The Secretary declared this disaster on Monday, September 23rd.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.

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The deadline to apply for economic injury is May 23rd, 2025.