Relief Still Available to Ohio Businesses Hit by March Tornadoes: Don’t Miss the Deadline to Apply for an SBA Disaster Loan

ATLANTA - The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Ohio that the deadline to apply for federal disaster loans to offset economic losses caused by the March 14, 2024, tornadoes is Feb. 3.

The disaster declaration covers the following counties in Ohio: Allen, Ashland, Auglaize, Champaign, Clark, Coshocton, Crawford, Darke, Delaware, Fairfield, Franklin, Hancock, Hardin, Henry, Huron, Knox, Licking, Logan, Madison, Marion, Mercer, Miami, Montgomery, Morrow, Muskingum, Perry, Preble, Putnam, Richland, Seneca, Shelby, Union, VanWert, Wood and Wyandot. Eligible counties in Indiana include Adams, Jay, Wayne, and Randolph.

Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs offer working capital assistance for businesses impacted by the disaster, even if they did not sustain physical damage. Loan funds may be used to pay fixed debts, payroll, accounts payable, and other expenses that would have been met if not for the disaster.

"Working capital loans from the SBA are essential to eligible small businesses affected by the incident," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. "These loans help sustain local economies when a disaster occurs."

The loan amounts 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. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. 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.

The SBA's Disaster Loan Program funding was replenished via the American Relief Act, 2025, which was signed into law on Dec. 21, 2024. The SBA acted immediately and, within six hours of the Act being signed into law, issued more than 21,000 outstanding commitment letters (loan offers). The SBA will continue to issue new loan offers and ensure survivors quickly understand their loan options.

For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 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.

The deadline to return economic injury applications is Feb. 3, 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 or 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.

Related programs: Disaster

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