CASPER, Wyo. — Low-interest federal disaster loans are available to Wyoming businesses and residents affected by flooding that occurred June 15.
The Small Business Authority acted under its own authority to declare a disaster in response to a request SBA received from Gov. Mark Gordon on Sept. 22.
This SBA rural disaster declaration makes SBA assistance available to both rural and non-rural areas of Natrona County.
“SBA’s mission-driven team stands ready to help Wyoming’s small businesses and residents impacted by flooding,” said administrator Isabella Casillas Guzman of the U.S. Small Business Administration. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said SBA Director Jeffrey Lusk of the U.S. Small Business Administration’s Disaster Field Operations Center-West.
SBA has established a Virtual Disaster Loan Outreach Center to provide personalized assistance to business owners, homeowners and renters. SBA customer service representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application. Applicants may call or email the Virtual Disaster Loan Outreach Center at FOCWAssistance@sba.gov or 916-932-8945.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4% for businesses, 2.375% for private nonprofit organizations and 2.5% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 711 to access telecommunications relay services. 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 Nov. 24, 2023. The deadline to apply for economic injury is June 25, 2024.