Small businesses and private nonprofits in Oregon can now access federal disaster loans to help recover from recent drought losses. The U.S. Small Business Administration (SBA) announced these low-interest loans to support businesses affected by drought beginning June 17.
The financial relief applies to multiple Oregon counties, including Benton, Clackamas, Clatsop, Columbia, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Tillamook, Washington, and Yamhill. Several counties in Washington state are also included, such as Clark, Cowlitz, Pacific, and Wahkiakum.
SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations. Eligible nonprofits include faith-based groups. These loans cover financial losses directly related to the drought. However, traditional farmers, ranchers, and larger agricultural producers are not eligible, except for small aquaculture operations.
EIDLs help cover working capital needs caused by the drought. Businesses or nonprofits can use the funds to pay fixed debts, payroll, accounts payable, and other essential bills that went unpaid because of the disaster. Importantly, loans are available even if the business or nonprofit did not experience physical damage to their property.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides vital financial help to support recovery,” said Chris Stallings, SBA Associate Administrator for Disaster Recovery and Resilience. “We are ready to assist small businesses and nonprofits impacted by these drought conditions.”
Loans may reach up to $2 million. Interest rates are as low as 4% for small businesses and 3.625% for private nonprofits. Loan terms can extend up to 30 years. Borrowers will not have to make payments until 12 months after the first loan disbursement, and interest will not accrue during that time. The SBA evaluates each applicant’s financial situation to determine the exact loan amount and terms.
Small business owners and nonprofit leaders can apply online at sba.gov/disaster. Additional help is available through the SBA Customer Service Center at (800) 659-2955, or by emailing disastercustomerservice@sba.gov. For individuals who are deaf, hard of hearing, or have a speech disability, telecommunications relay services are available by dialing 7-1-1.
This relief program aims to provide immediate financial support, helping Oregon businesses and nonprofits stabilize operations and recover from drought-related losses. By offering accessible loans with favorable terms, the SBA ensures that affected communities can maintain payroll, cover expenses, and continue serving local residents.
Eligible organizations are encouraged to apply promptly to access these low-interest loans and safeguard their operations. With up to $2 million available per applicant, the program offers substantial assistance to help small businesses and nonprofits bounce back and continue contributing to Oregon’s economy.
The SBA continues to monitor drought-impacted regions and stands ready to offer guidance and financial support to eligible applicants. Small businesses and nonprofits experiencing economic injury due to the drought are urged to act quickly and secure the relief they need.
