The Small Business Administration (SBA) is offering low-interest federal disaster loans to businesses and residents in Benton, Boone, and Marion counties who were affected by severe storms on Memorial Day weekend. This assistance is designed to help survivors with their long-term recovery needs.
Businesses and private nonprofit organizations can borrow up to $2 million for repair or replacement of damaged assets. In addition, additional funds are available for improvements to prevent future disaster damage. Economic Injury Disaster Loans are also available for small businesses, agricultural cooperatives, and nonprofit organizations to address working capital needs. Homeowners can apply for loans up to $500,000 to repair or replace real estate, while renters and homeowners can borrow up to $100,000 for personal property damage.
To apply for assistance through SBA, visit sba.gov/disaster. It is recommended that survivors apply for FEMA grants and SBA loans simultaneously to ensure comprehensive recovery. After Federal-State Disaster Recovery Centers open in affected areas, SBA will provide individual assistance to applicants. For information on the location of recovery sites, contact (800) 659-2955. Stay updated on recovery efforts by visiting the SBA website.
