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IDAHO FALLS, Idaho (KIFI) ÔÇô Low-interest federal disaster loans are available to Idaho businesses and residents affected by the flooding caused by extreme and excessive rainfall that occurred on May 23, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Brad Little on July 20.

SBA Assistance Available for Idaho Businesses and Residents Affected by Flooding

In response to the flooding in Idaho caused by extreme and excessive rainfall on May 23, low-interest federal disaster loans are now available for businesses and residents. This announcement was made by Administrator Isabella Casillas Guzman of the U.S. Small Business Administration (SBA). The SBA has declared a disaster in Idaho and is committed to providing swift and efficient federal disaster loans to help affected businesses and communities recover and rebuild.

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SBA Assistance Available in Multiple Counties

The disaster declaration by the SBA makes their assistance available in several counties affected by the flooding. These counties include Bingham, Bonneville, Caribou, Jefferson, Madison, and Teton in Idaho, as well as Lincoln and Teton counties in Wyoming. The SBA is determined to support these communities and help them recover and rebuild.

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Disaster Loan Outreach Center and Application Process

SBA’s Disaster Loan Outreach Center will provide assistance and answer questions about the disaster loan program. This center will be open on specified days and times at the Bonneville Emergency Operations Center in Idaho Falls. No appointment is necessary, and SBA customer service representatives will guide applicants through the application process.

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Assistance for Businesses and Homeowners

Businesses of all sizes, private nonprofit organizations, homeowners, and renters whose properties were damaged or destroyed by the flooding can apply for low-interest federal disaster loans. These loans can be used to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Additionally, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.

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Interest Rates and Loan Terms

Interest rates for the federal disaster loans can be as low as 4 percent for businesses, 2.375 percent for nonprofit organizations, and 2.5 percent for homeowners and renters. Loan amounts and terms are set by the SBA based on each applicant’s financial condition. These loans have terms that can extend up to 30 years.

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Application Process and Deadlines

Applicants can apply online through the SBA website and download application forms. They can also contact the SBA’s Customer Service Center for assistance or visit the Disaster Loan Outreach Center. Completed applications should be mailed to the designated processing and disbursement center. The deadline to apply for property damage is Sept. 22, 2023, while the deadline to apply for economic injury is April 24, 2024.

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Additional Policy Change for Disaster Loans

The U.S. SBA recently announced a policy change allowing 12 months of no payments and 0% interest for disaster loans approved in response to disasters declared from September 21, 2022, to September 30, 2023. This change aims to reduce the overall cost of recovery for disaster survivors. More details can be obtained from the SBA Disaster Assistance Customer Service Center.

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About the U.S. Small Business Administration

The U.S. Small Business Administration is the go-to resource for small businesses, providing support and resources to empower entrepreneurs and small business owners. With a network of field offices and partnerships with public and private organizations, the SBA aims to help businesses start, grow, expand, or recover from declared disasters.

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