SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Arkansas of the March 31 deadline to apply for low interest federal disaster loans to offset economic losses caused by the adverse weather conditions occurring in the following counties last spring.
|
Declaration Number |
Primary Counties |
Neighboring Counties |
Incident Type |
Incident Date |
Deadline |
| 20507 | Ashley | Bradley, Chicot, Drew and Union in Arkansas; Morehouse and Union in Louisiana. | Excessive Rain, Hail and High Winds | May 13-14, 2024 | 3/31/25 |
| 20508 | Boone | Carroll, Marion, Newton and Searcy in Arkansas; Taney in Missouri. | Hail and High Winds | May 8-9, 2024 | 3/31/25 |
| 20509 | Carroll | Benton, Boone, Madison and Newton in Arkansas; Barry, Stone and Taney in Missouri. | Tornado, Flash Flood, Hail, High Winds and Lightning | May 24-26, 2024 | 3/31/25 |
| 20510 | Lonoke | Arkansas, Faulkner, Jefferson, Prairie, Pulaski and White in Arkansas. | Excessive Rain, Hail and High Winds | May 20-24, 2024 | 3/31/25 |
| 20511 | Madison | Benton, Carroll, Crawford, Franklin, Johnson, Newton and Washington in Arkansas. | Excessive Rain, Flash Flood, High Winds and Lightning | April 26-29, 2024 | 3/31/25 |
| 20512 | Prairie | Arkansas, Lonoke, Monroe, White and Woodruff in Arkansas. | Hail and High Winds | May 24-26, 2024 | 3/31/25 |
Under these declarations, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
By law, SBA makes EIDLs available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these disasters on July 29, 2024. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.
To apply online visit sba.gov/disaster. 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.
Submit completed loan applications to the SBA no later than March 31, 2025.
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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.