Oregon businesses can access $2 million in federal disaster loans now
Bend, Ore. (KTVZ) --- The Oregon Department of Emergency Management is reminding eligible small businesses, agricultural cooperatives, aquaculture businesses and private nonprofit organizations that low-interest federal disaster loans are available following severe storms and wildfires this summer.
The U.S. Small Business Administration Economic Injury Disaster Loans offer up to $2 million in working capital for organizations affected by wildfires and severe weather that occurred between July 15 and Aug. 24.
The assistance follows a July 29 request from Gov. Tina Kotek for federal agricultural assistance after widespread wildfire losses. The U.S. Department of Agriculture approved a Secretarial Disaster Designation on Sept. 21 for Gilliam, Klamath, Wasco and Wheeler counties alongside 13 neighboring counties, prompting the SBA to issue a corresponding disaster declaration on Sept. 24.
The wildfire disaster declaration covers 26 Oregon counties: Baker, Clackamas, Crook, Deschutes, Gilliam, Grant, Harney, Hood River, Jefferson, Klamath, Lake, Lane, Linn, Malheur, Marion, Morrow, Multnomah, Sherman, Umatilla, Union, Wallowa, Wasco, Wash., Wheeler and Yamhill. EIDL interest rates are 4% for businesses and agricultural cooperatives and 3.625% for private nonprofit organizations, with loan terms up to 30 years based on ability to repay. Funds are restricted to working capital needs and cannot be used to refinance existing debt. Flood or hazard insurance may be required depending on location.
The SBA is also accepting applications for disaster loans related to ongoing drought conditions across Oregon. Drought declarations include conditions starting March 24 and April 1, which both carry a March 1, 2027, application deadline and cover two dozen counties each. Subsequent drought declarations for conditions starting May 12 cover nine counties with an April 13, 2027, deadline, while drought conditions starting June 23 cover Grant, Malheur, Union and Wallowa counties with a May 10, 2027, deadline.
Support is also available through the SBA Office of Native American Affairs, which provides technical assistance, business development resources and guidance on federal contracting for tribal enterprises and Native-owned small businesses. Applicants for all SBA disaster loans can apply online at sba.gov/disaster or through the MySBA Loan Portal, or seek help by calling (866) SBA-HELP or emailing disastercustomerservice@sba.gov.
Applications for the SBA wildfire Economic Injury Disaster Loans must be submitted by July 1, 2027.
