The Office of Disaster Recovery and Resilience at the Small Business Administration is reminding Arkansas private nonprofit organizations of the Aug. 12 deadline to apply for an SBA federal disaster loan for property damage caused by severe storms, straight-line winds, tornadoes and flooding that occurred in late May. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
Eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The administration can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
In addition, the SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until March 12, 2025, to apply for an SBA Economic Injury Disaster Loan.
The low-interest federal disaster loans are available in several areas including Baxter, Marion, Fulton and Boone counties. The interest rate is 3.25% with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call the SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For those who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.
WebReadyTM Powered by WireReady® NSI