SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA will close its Little Rock and Wynne Business Recovery Centers at 6 p.m. on Wednesday, May 24. “SBA opened the centers to provide personalized assistance to businesses that were affected by the severe storms and tornadoes that occurred March 31,” said Garfield.
So far, SBA has approved $15,663,400 in federal disaster loans for Arkansas businesses and residents. According to Garfield, SBA has approved $653,500 for businesses and $15,009,900 for residents to help rebuild and recover from this disaster.
Until the centers close, SBA customer service representatives will continue to meet with business owners to answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their electronic loan application and close their approved loans. No appointment is necessary.
CROSS COUNTY
Business Recovery Center
Veterans Building of Cross County
204 S. Falls Blvd.
Wynne, AR 72396
Mondays - Fridays, 9 a.m. - 6 p.m.
Saturdays, 9 a.m. - 1 p.m.
Closes at 6 p.m. Wednesday, May 24
PULASKI COUNTY
Business Recovery Center
Adolphine Fletcher Terry Library
2015 Napa Valley Dr.
Little Rock, AR 72212
Mondays - Fridays, 9 a.m. - 6 p.m.
Saturdays, 9 a.m. - 4 p.m.
Closes at 6 p.m. Wednesday, May 24
SBA representatives are still available at all the federal-state Disaster Recovery Centers throughout the area to explain SBA’s disaster loan program and help business owners and residents close their approved disaster loans.
Businesses of all sizes 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. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.375 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is July 3, 2023. The deadline to apply for economic injury is Jan. 2, 2024.
###
Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months of no payments and 0% interest. This pertains to all disaster loans approved in response to disasters declared on or after September 21, 2022, through September 30, 2023. This covers SBA disaster loans currently available for Hurricane Fiona and Hurricane Ian. This policy change will benefit disaster survivors and help them to decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details are available through the SBA Disaster Assistance Customer Service Center at (800) 659-2955. Individuals with verbal or hearing impairments may dial 7‑1‑1 to access telecommunications relay services from 8:00 a.m. to 8:00 p.m. ET, Monday to Friday, or email: disastercustomerservice@sba.gov.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Disaster press release
AR 17840-06