SBA offering storm loans to businesses, homeowners

JONESBORO, Ark. (KAIT) - The Small Business Administration announced Tuesday that low-interest federal disaster loans will be available to those affected by the June 25 and 26 severe storms.

According to the news release, “SBA acted under its own authority to declare a disaster following the denial of the state’s request for a major disaster declaration for individual assistance on Nov. 15.”

The loans will be available to businesses and residents in the following counties:

Arkansas
Craighead
Crittenden
Cross
Faulkner
Jackson
Jefferson
Lonoke
Mississippi
Poinsett
Prairie
Pulaski
White

Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other assets, the news release said.

Disaster loans up to $500,000 are also available to homeowners to repair or replace damaged real estate, and $100,000 is available for personal property, including vehicles.

The deadline to apply for property damage is Jan. 16, 2024. The deadline to apply for economic injury is Aug. 19, 2024.

Applicants can call 916-735-1507 between 8 a.m. and 4:30 p.m. Monday through Friday or email FOCWAssistance@sba.gov.

SBA will also open Disaster Loan Outreach centers beginning Monday, Nov. 27.

“SBA’s mission-driven team stands ready to help Arkansas’s small businesses and residents impacted by the severe storms, straight-line winds, and tornadoes,” said SBA Administrator Isabella Casillas Guzman.

For more information, click here.