HAGERSTOWN – Washington County Department of Business and Economic Development urges small businesses and private nonprofit organizations impacted by the drought that began on July 30, 2024, to apply for low-interest federal disaster loans from the U.S. Small Business Administration before the April 7 deadline.
The SBA’s Economic Injury Disaster Loan program provides vital financial assistance to eligible entities facing economic hardship due to the drought. This disaster declaration covers Allegany, Garrett and Washington counties in Maryland.
Under this program, small businesses, small agricultural cooperatives, nurseries and private non-profits that suffered financial losses directly related to the disaster may qualify for assistance. However, agricultural producers, farmers and ranchers are not eligible unless they operate small aquaculture enterprises.
Economic Injury funds may be used to cover essential operating expenses, such as fixed debts, payroll, accounts payable and other financial obligations that could not be met due to the economic impact of the drought. These loans are available regardless of whether the business or nonprofit sustained physical damage.
“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.”
The Washington County Department of Business and Economic Development encourages all eligible organizations to take advantage of this opportunity before the application deadline. For more information on loan terms, eligibility, and the application process, readers may visit the SBA’s website at www.sba.gov or contact the Washington County Department of Business and Economic Development at 240-313-2280.
