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SBA administrator meets with small businesses leaders.
The SBA administrator also shared good news. Photo: @SBAIsabel.

More than $5 million in disaster loans for severe storms and tornadoes

Businesses of any size and private non-profit organizations can access the resources.

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Tanya N. Garfield, director of the Small Business Administration's (SBA) Disaster Field Operations Center-West, recently confirmed the approval of more than $5.6 million to support recovery efforts for the Arkansas communities that were affected by the weather disasters that occurred on March 31, 2023.

According to Garfield, the SBA provided $134,500 for businesses and $5,520,400 for residents to help them rebuild and recover from these calamities.

Those who suffered damage in Cross, Lonoke and Pulaski counties can register with the Federal Emergency Management Agency (FEMA) before the June 1, 2023 deadline.

Garfield noted:

SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible.

Constant Assistance

The SBA announced that its representatives will continue to be available to personally assist applicants at all federal state Disaster Recovery Centers, SBA Business Recovery Centers, and SBA Disaster Loan Assistance Centers in all affected areas to explain the SBA disaster loan program and help business owners and residents close on their approved disaster loans.

Businesses of any size and private nonprofit organizations can borrow up to $2 million to repair or replace their damaged or destroyed real estate, machinery and equipment, inventory, and other assets.

“Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” added Garfield. 

Available Loans

  • Economic Injury Disaster Loans (EIDL) — Both small businesses and most private nonprofit organizations can apply for resources to cover working capital needs caused by the disaster. These loans are available regardless of whether the business or organization sustained any physical damage to the property. The deadline to apply is January 2, 2024.
  • SBA disaster loans of up to $200,000 are available to homeowners who need to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible to receive up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Recently, SBA Administrator Isabella Casillas Guzmán announced a policy change that grants 12 months with no payments and 0% interest, benefiting all disaster loans approved in response to disasters declared on or after September 21, 2022, through September 30, 2023.

“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,” underlined the SBA.

Applicants can apply online, receive additional information on disaster assistance, and download applications by clicking here.

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