On Aug. 27, SBA issued assistance for entities impacted by drought.
SBA reported federal economic injury disaster loans (EIDLs) for small businesses, most private nonprofit organizations, for economic losses from drought that began Aug. 13.
Declaration includes the primary county of Meigs, and the adjacent counties of Athens, Gallia and Vinton in Ohio, and Jackson, Mason and Wood counties in West Virginia.
Economic Injury Disaster Loans
Available to eligible farm-related, nonfarm-related entities that suffered financial loss.
Apart from aquaculture enterprises, no agricultural producers, farmers, and ranchers.
Nurseries eligible to apply for EIDLs for losses that were caused by drought conditions.
Interest not accrue, payments not due, until 12 months from first loan disbursement.
The SBA sets loan amounts and terms based on each applicant’s financial condition.
Eligibility based on size of the applicant, type of activity and its financial resources.
Working capital loans to pay fixed debts, payroll, accounts payable, other bills could have been paid had disaster not occurred; not intended to replace lost sales or profits.
Application Deadline
Completed applications for economic injury disaster loans are due by Apr. 21, 2025.
In Sep. 2024, SBA aid to OH businesses affected by Aug. 20 drought, see #224967.
