Small businesses in Colorado, Montana, and New Mexico face looming deadlines to apply for SBA working capital loans due to severe drought conditions. The SBA is stepping up to provide crucial financial assistance for those affected by the drought.
With the application deadline rapidly approaching, small businesses and nonprofits in these states are urged to take advantage of the SBA’s EIDL program. These loans are designed to provide the necessary financial support to weather the economic impact of the ongoing drought and ensure continued operation and recovery.
The SBA reminds small businesses in Colorado that the deadline to apply for Economic Injury Disaster Loans (EIDL) is June 17, 2024. These loans are available to small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations impacted by the drought.
“SBA’s Economic Injury Disaster Loans offer vital financial support to small businesses and nonprofits that have suffered economic damage due to the drought,” said SBA Administrator Isabella Casillas Guzman. “These loans help cover operational costs that would have been met had the disaster not occurred.”
Montana businesses also face a June 17 deadline to apply for EIDL loans. The prolonged drought has significantly impacted local economies, and the SBA aims to provide much-needed relief.
“Small businesses and nonprofits are the backbone of Montana’s economy,” said SBA Montana District Director Brent Donnelly. “The EIDL program provides crucial financial assistance to help them overcome the economic challenges posed by the drought.”
New Mexico businesses have until June 17 to apply for EIDL loans due to drought conditions. The SBA is committed to ensuring that small businesses and nonprofits in the state can access the resources they need to stay afloat.
“The economic impact of the drought has been devastating for many small businesses in New Mexico,” said SBA New Mexico District Director John Garcia. “Our goal is to provide financial support through EIDL loans to help these businesses recover and continue contributing to our local economy.”
Small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits in Colorado, Montana, and New Mexico can apply for EIDL loans through the SBA’s website at sba.gov/disaster. The SBA Customer Service Center is also available to assist applicants at (800) 659-2955 or disastercustomerservice@sba.gov. For those who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.
This article, “SBA Working Capital Loans Deadlines for Colorado, Montana, and New Mexico Due to Drought” was first published on Small Business Trends