Little Rock, Arkansas – In an effort to assist businesses and residents of Arkansas impacted by the severe storms, straight-line winds, and tornadoes that struck the state on June 25 and 26, this year, the U.S. Small Business Administration will open three Disaster Loan Outreach Centers on Monday, November 27.
The three SBA Disaster Loan Outreach Centers are situated in Marked Tree, Lonoke, and Conway. Additionally, the Administration is providing a Virtual Disaster Loan Outreach Center, where customer support agents will be on hand to offer one-on-one assistance with the application process.
“SBA customer service representatives will be on hand at the following centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application. The centers will be open on the days and times indicated. No appointment is necessary,” said Francisco Sánchez, associate administrator of the SBA Office of Disaster Recovery & Resilience, who announced the opening of the three Outreach Centers on November 24.
A news release from the SBA states that companies of all sizes as well as private nonprofit organizations are eligible to borrow up to $2 million for the purpose of replacing or repairing damaged or destroyed inventory, machinery and equipment, real estate, and other commercial assets. The SBA may also be able to provide further financing to assist with the cost of upgrades meant to guard against, stop, or lessen future disaster damage.
The Small Business Administration (SBA) provides Economic Injury Disaster Loans to help meet operating capital needs resulting from disasters for small enterprises, small agricultural cooperatives, small aquaculture businesses, and the majority of private nonprofit organizations. Assistance for economic harm is offered even if the company did not sustain any property damage.
Homeowners can get disaster loans of up to $500,000 to replace or repair lost or damaged property. Up to $100,000 can be used by homeowners and renters to replace or repair damaged or destroyed personal items, including cars.
For corporations, interest rates can be as low as 4%; for private nonprofit organizations, they can be as low as 2.375 percent; and for homeowners and renters with terms up to 30 years, they can be as low as 2.5 percent. The SBA determines the loan amounts and conditions, taking into account the financial standing of each applicant.
Twelve months after the first catastrophe loan distribution date is when interest starts to accumulate. Repayment of the SBA catastrophe loan starts 12 months after the initial payment date.
At SBA.gov/disaster, candidates can obtain applications, submit an online application, and get more information on disaster aid. For additional information about SBA disaster aid, applicants can also email disastercustomerservice@sba.gov or call the Customer Service Center at (800) 659-2955. To access telecommunications relay services, please dial 7-1-1 if you are hard of hearing, deaf, or have a speech impairment. Applications must be addressed to the U.S. Small Business Administration at 14925 Kingsport Road, Fort Worth, TX 76155, Processing and Disbursement Center.
Applications for property damage must be submitted by January 16, 2024. August 19, 2024 is when applications for economic injury must be submitted.
The Disaster Loan Outreach Centers in Conway, Lonoke, and Marked Tree have the following addresses and hours:
CONWAY | DISASTER LOAN OUTREACH CENTER
Management Office Training Room
57 Acklin Gap Rd., Conway, AR 72032
Opens at 12 p.m. Monday, Nov. 27
• Mondays – Tuesdays, 8 a.m. – 4:30 p.m.
• Wednesdays, 9:30 a.m. – 6 p.m.
• Fridays, 8 a.m. – 4:30 p.m.
• Beginning Thursday, Dec. 14, open on Thursdays, 8:00 am – 4:30 pm
LONOKE | DISASTER LOAN OUTREACH CENTER
Lonoke County Courthouse Annex Break Room
210 N. Center St., Lonoke, AR 72086
Opens at 12 p.m. Monday, Nov. 27
• Mondays – Fridays 8 a.m. – 4:30 p.m.
MARKED TREE | DISASTER LOAN OUTREACH CENTER
Marked Tree Community Center
806 Liberty St., Marked Tree, AR 72365
Opens at 1 p.m. Monday, Nov. 27
• Mondays – Fridays, 8 a.m. – 5 p.m.
The American ideal of owning a business is fueled in part by the U.S. Small Business Administration. The SBA gives entrepreneurs and small company owners the tools and support they need to launch, grow, expand, or recover from a declared disaster. As the sole trusted source and advocate for small businesses supported by the might of the federal government, the SBA empowers people. It provides services through collaborations with governmental and commercial organizations as well as a vast network of SBA field offices. Go to www.sba.gov to find out more.