MOHAVE COUNTY, AZ (December 13, 2024) – Mohave County’s Department of Risk & Emergency Management reports an important announcement from the U.S. Small Business Administration (SBA) regarding an opportunity for small non-farm businesses in Mohave County. Some may now be eligible for a low‑interest federal disaster loan.
Francisco Sanchez, Associate Administrator from the Office of Disaster Recovery and Resilience, announced this week that these loans offset economic losses due to reduced revenues caused by drought conditions that began Oct. 8, 2024.
Applicants may apply online and receive additional disaster assistance information at 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.
SBA Administrator Isabel Casillas Guzman said, “the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding.” She adds, “if your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists, in person and online, so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for businesses and 3.25 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship.
Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding. By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Dec. 9.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
The deadline to apply for economic injury is Aug. 11, 2025.
