Small Business Administration offers Arkansans low-interest federal disaster loan

NORTH LITTLE ROCK, Ark. (KAIT/Edited News Release) – The U.S. Small Business Administration is now offering low-interest federal disaster loans to businesses and residents in Benton, Boone, and Marion counties who were affected by the severe storms on Memorial Day weekend.

Businesses and private nonprofit organizations can borrow up to $2 million to aid in the repair or replacement of damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. Additional funds can also be sought to help cover the cost of improvements to protect, prevent, or minimize future disaster damage.

SBA also offers Economic Injury Disaster Loans for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

Disaster loans up to $500,000 are available to homeowners to help repair or replace damaged or destroyed real estate. Homeowners and renters may borrow up to $100,000 to repair or replace damaged or destroyed personal property, including vehicles.

The SBA disaster loan program aims to assist survivors with their long-term recovery needs. Loan amounts and terms are determined by SBA and are based on each applicant’s financial condition. To apply for assistance through SBA, please visit sba.gov/disaster.

Survivors are encouraged to simultaneously apply for FEMA grants and SBA low-interest disaster loans to ensure a full recovery. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources.

Once Federal-State Disaster Recovery Centers open throughout affected areas, SBA will be available to provide one-on-one assistance to applicants. For additional information on the location of disaster recovery sites, you may contact (800) 659-2955.

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