By Andi Anderson
The U.S. Small Business Administration (SBA) reminds small businesses and private nonprofit organizations in Indiana to apply for low-interest disaster loans by February 24, 2025. These loans aim to offset economic losses caused by the severe storms and tornadoes that hit on May 7, 2024.
This disaster declaration includes Dearborn, Decatur, Fayette, Franklin, Ripley, Rush, and Union counties in Indiana, along with Butler and Hamilton counties in Ohio. The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, agricultural cooperatives, nurseries, and nonprofits.
However, loans are not offered to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDL loans can be used for working capital needs, such as paying fixed debts, payroll, accounts payable, and other essential expenses. Even businesses that did not suffer physical damage can apply for financial support.
Loan amounts can reach up to $2 million, with interest rates as low as 4% for small businesses and 3.25% for nonprofits. Repayment terms can extend up to 30 years, with no interest or payments required for the first 12 months.
“These SBA loans provide the financial support businesses and nonprofits need to manage costs and move forward,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience.
This program, replenished through the American Relief Act of 2025, highlights ongoing support for businesses recovering from natural disasters.
For more information or to apply, visit SBA.gov/disaster, call the SBA Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov. Those with hearing or speech disabilities can access services by dialing 7-1-1.
Don’t miss this opportunity to secure financial relief. Apply by February 24, 2025, and take the next step in recovery and growth.
Photo Credit: pexels-karolina-grabowska
Categories: Indiana, Rural Lifestyle