SBA offers loans for those impacted by severe weather in Northeast Arkansas

Loans to help with tornado recovery

JONESBORO, Ark. (KAIT) - A disaster declaration was recently approved for Craighead County, which will allow for low-interest, long-term loans to businesses of any size, non-profit organizations, and residents.

These disaster loans from the Small Business Administration will be given to aid repairs that are not covered by the recipients’ insurance.

The damages must have been received during the severe weather event that occurred on March 28, 2020.

Any business or resident in Craighead, Greene, Jackson, Lawrence, Mississippi, and Poinsett counties are eligible to apply.

The Small Business Administration is also offering what they call Economic Injury Disaster Loans for businesses that didn’t receive any physical damage from the severe weather but were in some way obstructed from conducting business because of the disaster.

The deadline for the economic injury is February 22, 2021, and the deadline to apply for property damage is July 20, 2020.

The SBA recommends that you file for insurance first and then apply for SBA support before insurance settles because they will likely be able to get their money to you before insurance companies, and they will work with those companies to make sure that no double payments occur.

If you would like to apply for one of these loans, you can do that at https://disasterloanassistance.sba.gov.

For service, you can call the SBA at 916-735-1500 or Email them at FOCWAssistance@sba.gov.

More information is also available on their website.

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