Idaho disaster loan program opens for wind-hit businesses and residents

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Idaho disaster loan program

Highlights

The U.S. Small Business Administration offers up to $2 million in business disaster loans and up to $500,000 for homeowners to repair windstorm damages in two Idaho counties.
Loans allow up to a 20% increase above verified physical damage for mitigation work such as storm shelters and wind-rated upgrades.
Economic Injury Disaster Loans provide up to $2 million at interest rates from 2.875% to 4%, with deferred interest and principal payments for 12 months.

Loan terms and eligible recovery costs

As announced by the U.S. Small Business Administration, businesses and nonprofits in the two affected counties can apply for business physical disaster loans of up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory and other business assets.

Homeowners and renters can seek home and personal property loans, with up to $100,000 available for belongings such as clothing, furniture, cars and appliances. Homeowners can also apply for up to $500,000 to repair or replace their primary residence.

Applicants may qualify for an increase of up to 20% of verified physical damage for mitigation work. Eligible improvements include strengthening structures against high winds, upgrading to wind-rated garage doors and adding a safe room or storm shelter.

Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, said the rural declaration is intended to help communities recover by extending financial assistance to homeowners, renters, businesses and private nonprofits affected by the disaster.

Working capital support and regional recovery impact

The SBA's Economic Injury Disaster Loan program is also available to eligible small businesses, small agricultural cooperatives and private nonprofit organizations, including faith-based groups, that face financial losses directly tied to the storm event. The agency says agricultural producers, farmers and ranchers are not eligible for disaster loans under this declaration, except for aquaculture enterprises.

EIDL financing is designed for working capital needs caused by the disaster, even when a small business has not suffered physical damage. Funds can be used for fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disruption.

Loan amounts can reach $2 million, with interest rates as low as 4% for businesses, 3.625% for nonprofits and 2.875% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months after the first loan disbursement, while final amounts and terms depend on each applicant's financial condition.

Applications are available online at sba.gov/disaster, and the agency is also directing applicants to its customer service center for additional assistance.

Our earlier article on SBA Economic Injury Disaster Loans (EIDL) for Arizona’s Gila County flooding explained that eligible small businesses and private nonprofits could still apply for federal working-capital support through the program’s deadline. It detailed coverage across multiple Arizona counties and nearby tribal communities, and noted that EIDL funds can help pay fixed debts, payroll, and other operating expenses even when there is no physical damage, with financing up to $2 million and long repayment terms.

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