SBA Relief Still Available to Maryland Small Businesses and Private Nonprofits Affected by November Drought Low interest disaster loans now available
WASHINGTON – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofits (PNP) organizations in Maryland of the Nov. 25 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning Nov. 1, 2024.
The disaster declaration covers the counties of Allegany, Anne Arundel, Baltimore City, Baltimore County, Calvert, Caroline, Carroll, Cecil, Charles, Dorchester, Garrett, Harford, Howard, Kent, Montgomery, Prince George’s, Queen Anne’s, Somerset, St. Mary’s, Talbot, Washington, Wicomico, and Worcester in Maryland, as well as Kent, New Castle, and Sussex counties in Delaware, the District of Columbia, Bedford, Chester, Fayette, Fulton, Lancaster, Somerset, and York counties in Pennsylvania, Accomack, Alexandria, Fairfax County, King George, Prince William, Stafford, and Westmoreland counties in Virginia, and Grant, Hampshire, Mineral, Morgan, and Preston counties in West Virginia.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
