Release Date: Dec. 7, 2024 | Contact: Mark Ihenacho (404) 331-0333
Mark.Ihenacho@sba.gov |
Release Number: 25-200, MD 20912 | Follow us on X, Facebook, Blogs & Instagram |
Relief For Maryland Businesses Hit by Recent Heatwaves: Low-Interest SBA
Disaster Loan Available
ATLANTA - The U.S. Small Business Administration (SBA) announced today that Economic Injury
Disaster Loans (EIDLs) are available in Maryland for small businesses, small agricultural cooperatives,
small businesses engaged in aquaculture, and most private nonprofit organizations with economic
losses due to the drought and excessive heat that began on June 6 through Oct. 22.
The declaration includes the primary county of Talbot; and the adjacent counties of Caroline,
Dorchester, and Queen Anne's in Maryland.
“When farmers face crop losses and a disaster is declared by the Secretary of Agriculture, SBA working
capital loans become a lifeline for eligible small businesses,” said Francisco Sánchez, Jr., associate
administrator for the Office of Disaster Recovery and Resilience at the SBA. “These loans are the
backbone that helps rural communities bounce back and thrive after a disaster strikes.”
Under this declaration, the SBA’s EIDL program is available to eligible farm-related and non farm related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and
3.25% for private nonprofit organizations, with terms up to 30 years. Interest does not accrue, and
payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan
amounts and terms based on each applicant’s financial condition. Eligibility is based on the size of the
applicant, type of activity and its financial resources. These working capital loans may be used to pay
fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not
occurred.
On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully
expended. While no new loans can be issued until Congress appropriates additional funding, we
remain committed to supporting disaster survivors. Applications will continue to be accepted and
processed to ensure individuals and businesses are prepared to receive assistance once funding
becomes available.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of
future funding.
To apply online and receive additional disaster assistance information visit sba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who
are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications
relay services.
Submit completed loan applications to the SBA no later than July 28, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the
only go-to resource and voice for small businesses backed by the strength of the federal government, the
SBA empowers entrepreneurs and small business owners with the resources and support they need to
start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an
extensive network of SBA field offices and partnerships with public and private organizations. To learn
more, visit www.sba.gov.