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Low-Interest Federal Disaster Loans Available for Idaho Businesses and Residents Affected by Flooding

In response to the extreme and excessive rainfall that occurred on May 23, low-interest federal disaster loans are now available to Idaho businesses and residents impacted by the flooding. The U.S. Small Business Administration (SBA) has declared a disaster in Bingham, Bonneville, Caribou, Jefferson, Madison, and Teton counties in Idaho, as well as Lincoln and Teton counties in Wyoming. This declaration enables affected individuals and organizations to access SBA assistance.

Administrator Isabella Casillas Guzman of the SBA stated the agency’s commitment to offering federal disaster loans promptly and efficiently. The SBA aims to support the recovery and rebuilding efforts of small businesses and communities affected by the flooding.

The disaster loan program is available for businesses of all sizes, private nonprofit organizations, homeowners, and renters whose properties suffered damage or destruction due to the disaster. Director Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West emphasized that customer service representatives will be present at the Disaster Loan Outreach Center to answer questions about the program, guide individuals through the application process, and assist with the completion of applications.

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Bonneville County Disaster Loan Outreach Center Information

The Disaster Loan Outreach Center in Bonneville County will be open from 1 p.m. on Tuesday, July 25, until 5 p.m. on Thursday, August 10. During this time, individuals affected by the flooding can visit the center at the Bonneville Emergency Operations Center located at 605 N. Capital Ave., Idaho Falls, ID 83402. No appointments are necessary to meet with SBA representatives.

Businesses, including small agricultural cooperatives and those engaged in aquaculture, can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. Additionally, the SBA can provide additional funds to support improvements that mitigate future disaster damage.

The Economic Injury Disaster Loans offered by the SBA are designed to assist small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in meeting their working capital needs resulting from the disaster. Even if a business did not experience property damage, economic injury assistance is available.

Homeowners are eligible for disaster loans up to $200,000 to repair or replace damaged or destroyed real estate. Renters and homeowners can also apply for up to $40,000 to repair or replace personal property, including personal vehicles.

SBA sets interest rates at as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.5 percent for homeowners and renters. The loans have terms of up to 30 years, with SBA determining the loan amount and terms based on the financial condition of each applicant.

Applying for disaster assistance can be done online via the SBA’s website, where additional information and downloadable applications are available. Alternatively, individuals can contact the SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information. Telecommunications relay services are accessible by dialing 7-1-1 for people with hearing or speech disabilities. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for property damage is September 22, 2023, while the deadline for economic injury applications is April 24, 2024.

Policy Change: 12 Months of No Payments and 0% Interest

The recently announced policy change by U.S. SBA Administrator Isabella Casillas Guzman offers disaster loan recipients approved in response to disasters declared between September 21, 2022, and September 30, 2023, 12 months of no payments and 0% interest. This policy modification aims to assist disaster survivors by reducing the accrued interest they need to repay, thereby decreasing the overall cost of recovery.

For more details on this policy change, individuals can contact the SBA Disaster Assistance Customer Service Center at (800) 659-2955. Verbal or hearing-impaired individuals can access telecommunications relay services by dialing 7-1-1 or by emailing [email protected] from Monday to Friday between 8:00 a.m. and 8:00 p.m. ET.

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