The Small Business Administration has opened a business recovery center in Rogers to provide services to businesses impacted by recent severe storms, straight-line winds, tornadoes and flooding in Northwest Arkansas.
“Due to the severe property damage and economic losses inflicted on Arkansas businesses, we want to provide every available service to help get them back on their feet,” said Francisco Sanchez Jr., SBA associate administrator for the Office of Disaster Recovery and Resilience. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives will be available to meet individually with each business owner.”
The National Weather Service has confirmed seven tornadoes struck Benton and Madison counties on May 26, damaging or destroying hundreds of properties across the area.
The Benton County business recovery center opened Tuesday at the Arkansas World Trade Center at 3300 S. Market St., Suite 400, in Rogers, according to an SBA news release. It is open from 8 a.m.-5 p.m. Monday through Friday and 8 a.m.-1 p.m. Saturdays. No appointment is necessary, and all services are provided free of charge.
University of Arkansas, Fayetteville Small Business and Technology Development Center business advisors will provide assistance designed to help small business owners reestablish their operations, overcome the effects of the disaster and plan for their future, the release states. Services include assessing working capital needs, evaluating a business’s strength, cash flow projections and a review of options with the business owner to help them evaluate alternatives and make decisions. Businesses may contact the center at [email protected] to request a consultation.
Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to the release. The loans cover losses that are not fully covered by insurance or other recoveries.
For small businesses, small agricultural cooperatives and most private nonprofit organizations, SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster, the release states. Economic injury disaster loan assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 4% for businesses, 3.25% for private nonprofit organizations, and 2.688% for homeowners and renters with terms up to 30 years, according to the SBA. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the area, according to the release.
In addition, people may apply for assistance online and find additional information at SBA.gov/disaster. People can call 1-800-659-2955 or email [email protected] for more information.
The deadline to apply for property damage assistance is July 29. The deadline to apply for economic injury assistance is March 3.
BENTONVILLE LAUNCHES SITE
The City of Bentonville announced Tuesday it has launched a disaster information webpage.
The page includes details on the status of storm debris removal, burn permits, food waste, household items, construction and demolition waste, hazardous and specialty waste, FEMA assistance, electric service, internet access and other resources for residents.
The page can be found at bentonvillear.com/1807/Disaster-Relief-Information and will be updated as new information becomes available, according to the city.
The Bentonville City Council on Monday voted 8-0 during an emergency meeting to declare the city is in a state of emergency after the storms. It also approved a budget adjustment of $500,000, including $200,000 for a contract with Thompson Consulting Services for debris monitoring and consulting services.
SHEEPDOG SEEKS HELP
Rogers-based nonprofit organization Sheep Dog Impact Assistance is seeking more volunteers to help as the group assists with storm cleanup.
“The impact of recent storms has left our community in need of continued support, and we are reaching out once again seeking volunteers who can help us complete our mission,” the group said in a news release Tuesday. “Whether you can spare a few hours or a few days, your assistance will make a significant difference.”
The group is seeking people to volunteer from 2-7 p.m. Wednesday and Thursday in Rogers doing tasks such as debris removal and tarping roofs.
People can visit tfaforms.com/5038019 to fill out a volunteer form.
