JACKSON, Wyo. — The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loans are open for Teton County businesses to apply.
SBA provides low-interest loans of up to $2 million for small businesses experiencing a temporary loss of revenue due to a declared disaster.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
