The Small Business Administration opened a Business Recovery Center in Rogers where business owners and homeowners can submit applications for federal disaster loans.
ROGERS, Ark. — After severe storms damaged several homes and businesses, President Joe Biden has declared a disaster for Arkansas, allowing residents and business owners to access federal assistance.
Residents of Arkansas’ Benton, Boone and Marion counties can now apply for federal disaster loans through the U.S. Small Business Administration (SBA).
Applications are available online, but the SBA has also opened a Business Recovery Center in Rogers where businesses of all sizes, nonprofits and homeowners can submit loan applications.
The center is located at 3300 S Market St, Suit 400 in the World Trade Center. It is open Monday through Friday from 8am to 5pm and Saturday from 8am to 1pm.
The SBA said the recovery centers are designed to provide individualized assistance to disaster loan applicants.
Online application process at sba.gov/disaster
- Select your state and county
- Indicate whether you are applying for a home or business loan
- Please share what type of loss you experienced: Physical or financial loss
“Businesses of all sizes and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets,” the SBA said in a press release. “The SBA may also lend additional funds to help with the costs of renovations to prevent, forestall or minimize damage from future disasters.”
Homeowners whose real property was damaged or destroyed can borrow up to $500,000, and homeowners and renters whose personal property, such as vehicles, was damaged or destroyed can borrow up to $100,000.
If you apply for a loan, the SBA says loan repayment will begin 12 months after the first disbursement date. Interest rates and terms vary depending on the applicant’s financial situation.
According to the SBA, disaster victims can apply for an SBA loan and a FEMA grant at the same time.
“FEMA grants are intended to cover necessary expenses and critical needs that cannot be covered by insurance or other sources,” the SBA said. “SBA disaster loan programs are designed to assist disaster victims with their long-term recovery needs.”
Download the 5NEWS app on your smartphone:
Stream 5NEWS 24/7 on the 5+ App: How to Watch 5+ Apps on Your Streaming Device
To report typos or grammatical errors, please contact us by email. KFSMDigitalTeam@tegna.com Please elaborate on which story you are referring to.
