Disaster loans available for Md. businesses impacted by drought, excessive heat

MARYLAND – The U.S. Small Business Administration has announced Economic Injury Disaster Loans for Maryland businesses impacted by the recent drought and excessive heat.

The loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses as a result of the drought and excessive heat between June 6th and October 22nd. This includes primarily Talbot County and the adjacent counties of Caroline, Dorchester, and Queen Anne’s.

Under the declaration, the program is available to eligible farm and non-farm-related entities that suffered financial losses as a direct result of the disaster. We’re told that apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers, however, nurseries are eligible for losses caused by drought conditions.

Loans can amount 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. Interest does not accrue and payments are not due until 12 months from the date of the first loan disbursement.

Loan application can be found here. Completed applications must be submitted no later than July 28, 2025.