The U.S. Small Business Administration announced low-interest federal disaster loans are now available to small businesses and private nonprofit organizations in Oregon to offset economic losses caused by the mid-July severe storms and wildfires occurring July 15-August 24. The SBA issued a disaster declaration in response to a request received from Governor Tina Kotek on September 29.
The disaster declaration covers the Oregon counties of Baker, Clackamas, Crook, Deschutes, Gilliam, Grant, Harney, Hood River, Jefferson, Klamath, Lake, Lane, Linn, Malheur, Marion, Morrow, Multnomah, Sherman, Umatilla, Union, Wallowa, Wasco, Washington, Wheeler, and Yamhill. It also includes the Idaho counties of Adams, Idaho, Nez Perce, and Washington, as well as the Washington counties of Asotin, Benton, Columbia, Garfield, Klickitat, and Walla Walla.
Under this declaration, SBA’s Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives, and private nonprofit organizations — including faith-based organizations — with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises
Economic Injury Disaster Loans are for working capital needs caused by the disaster and are available even if the business or private nonprofit did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery at SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The loan amount can be up to $2 million with interest rates as low as four percent for businesses and 3.625 percent for private nonprofits, 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 determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s National Support Network Center at (866) SBA-HELP or email disastercustomerservice@sba.
The deadline to return economic injury applications to the SBA is July 1, 2027.
