The U.S. Small Business Administration (SBA) has announced that it is offering low-interest federal disaster loans to businesses, residents, and homeowners in Benton, Boone, and Marion counties who were affected by severe storms on Memorial Day weekend. These loans can be used for repair or replacement of damaged or destroyed assets, as well as for improvements to prevent future disaster damage.
Businesses and private nonprofit organizations can borrow up to $2 million for their recovery needs. Additionally, Economic Injury Disaster Loans are available for small businesses, cooperatives, and nonprofits to meet their working capital needs. Homeowners can get disaster loans up to $500,000 for real estate repair or replacement, while renters and homeowners can borrow up to $100,000 for personal property damage.
The SBA disaster loan program aims to assist survivors with their long-term recovery needs by providing flexible loan amounts and terms based on each applicant’s financial condition. Survivors are encouraged to apply for FEMA grants and SBA loans simultaneously for a full recovery. FEMA grants cover necessary expenses not paid by insurance. The SBA will provide one-on-one assistance to applicants at Federal-State Disaster Recovery Centers when they open in affected areas. For more information on recovery site locations, contact (800) 659-2955.
