Federal Disaster Loans Available in Arkansas
Following severe storms that damaged homes and businesses in Arkansas, the U.S. Small Business Administration (SBA) has opened a Business Recovery Center (BRC) in Rogers to assist those affected. The SBA is providing one-on-one assistance to disaster loan applicants at the BRC, which is located on the fourth floor of the World Trade Center at 3300 S Market St, Suite 400 in Rogers.
The center is open Monday through Friday from 8 a.m. to 5 p.m. and Saturdays from 8 a.m. to 1 p.m. SBA representatives are available to help individuals and business owners fill out loan applications to cover physical damages, economic injuries, and personal property losses. Homeowners can borrow up to 0,000 for primary residence repairs or rebuilding, while businesses of all sizes and private nonprofit organizations can borrow up to million to repair or replace damaged property and business assets.
The BRC offers a convenient location for individuals to apply in person. Applications are also available online, and additional information can be found at SBA.gov/disaster. The SBA customer service center can be reached at (800) 659-2955 for those who prefer to apply over the phone. Borrowers can defer payments and interest on these loans for one year.
Eligible counties include Benton, Boone, and Marion, where storms caused significant property damage and disruptions to businesses. The regulatory environment surrounding these disaster loans is designed to support recovery and long-term financial stability.
Limits on these disaster loans include 0,000 for homeowners and million for businesses and non-profit organizations. These funds can be used to repair, replace, or rebuild damaged property as well as provide working capital to meet economic injury needs. Economic Injury Disaster Loans are available to support businesses that experience revenue losses due to the disaster, even if they have no physical damage.
Arkansas residents can take advantage of these low-interest loans to overcome financial losses incurred during the storms. As recovery efforts continue, the SBA’s assistance will play a vital role in supporting local economies and the well-being of affected communities.
- Businesses may also borrow additional funds to invest in disaster prevention and mitigation measures.
- Loan repayment begins 12 months after the first disbursement.
- Interest rates and terms vary based on the applicant’s financial condition.
- FEMA grants can be applied for simultaneously with SBA loans, but they cover different expenses such as necessary expenses and serious needs not paid by insurance or other sources.
