Indiana businesses face May 28 deadline for SBA disaster loan relief

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Indiana SBA disaster loan deadline

Highlights

May 28 is the SBA application deadline for Economic Injury Disaster Loans related to the March 30–April 9, 2025 weather events in Owen County, Indiana.
Eligible small businesses and nonprofits can borrow up to $2 million at rates as low as 4% for businesses and 3.625% for nonprofits, with repayment deferred for 12 months.
After the main deadline, the SBA will accept loan applications during a 60-day grace period, extending support to rural disaster-affected Indiana organizations.

Loan terms and application timeline

As the U.S. Small Business Administration said in a notice published on April 28, the agency is reminding eligible borrowers that May 28 is the deadline to submit economic injury disaster loan applications related to the March 30 to April 9, 2025 weather events in Owen County, Indiana.

Under the declaration, the SBA's Economic Injury Disaster Loan program is open to small businesses, small agricultural cooperatives, nurseries and private nonprofit organizations, including faith-based groups, that suffered financial losses directly linked to the disaster. The agency said agricultural producers, farmers and ranchers are not eligible, except for small aquaculture enterprises.

The loans are designed to cover working capital needs and can be used for fixed debts, payroll, accounts payable and other bills that could not be paid because of the disaster. The SBA said applicants can qualify even if they did not experience physical damage.

Loan amounts can reach $2 million, with interest rates as low as 4% for small businesses and 3.625% for private nonprofits, and terms of up to 30 years. Interest does not accrue and payments are not due until 12 months after the first loan disbursement, while final loan amounts and terms depend on each applicant's financial condition.

Recovery support for rural Indiana

Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, said the rural declaration is intended to support community recovery by extending financial assistance to affected businesses and nonprofits, alongside other eligible borrowers in disaster-hit areas.

The reminder keeps attention on a limited application window for organizations still managing the financial effects of the 2025 storms in rural Indiana. After the May 28 deadline passes, the SBA said it will continue accepting applications during a 60-day grace period.

Our earlier coverage of congressional scrutiny of regulators’ revised Basel III bank capital proposals explained how lawmakers are weighing whether higher capital requirements could tighten lending and reduce credit availability for households and local economies. The discussion focused on updates to the standardized approach and the GSIB surcharge, with concerns that rules should be better aligned with risk while preserving banks’ ability to support market activity and growth.

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