NORTH LITTLE ROCK, Ark. (KAIT/Editor’s 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 affected by the severe storms that occurred over Memorial Day weekend.
Businesses and private nonprofit organizations can borrow up to $2 million to help repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. They can also seek additional funds to cover the costs of improvements to prevent, prevent, or minimize damage from future disasters.
The SBA also offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size to meet working capital needs caused by the disaster. Economic Injury Assistance is available to businesses with or without property damage.
Homeowners can access disaster loans of up to $500,000 to help repair or replace damaged or destroyed real property. Homeowners and renters can borrow up to $100,000 to repair or replace damaged or destroyed personal property, including vehicles.
SBA disaster loan programs are intended to help disaster victims with their long-term recovery needs. Loan amounts and terms are determined by the SBA and are based on each applicant’s financial situation. To apply for assistance through the SBA, visit sba.gov/disaster.
Disaster victims are encouraged to apply for FEMA grants and SBA low-interest disaster loans at the same time to ensure a full recovery. FEMA grants are intended to cover necessary expenses and critical needs not paid for by insurance or other sources of funding.
As Federal and State Disaster Recovery Centers open throughout affected areas, SBA will be able to provide one-on-one assistance to applicants. For more information on the locations of Disaster Recovery sites, please call (800) 659-2955.
To report a typo or correction, click here.
Copyright 2024 KAIT. Unauthorized reproduction prohibited.
