SBA to Open Disaster Loan Outreach Centers in the Cities of Conway, Lonoke, and Marked Tree
Associate Administrator Francisco Sánchez of the U.S. Small Business Administration’s Office of Disaster Recovery & Resilience today announced the opening of three Disaster Loan Outreach Centers to meet the needs of businesses and individuals who were affected by the severe storms, straight-line winds and tornadoes that occurred June 25 – 26. The centers will be located in the counties of Faulkner, Lonoke and Poinsett beginning Monday, Nov. 27.
“SBA customer service representatives will be on hand at the following centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” Sánchez continued. The centers will be open on the days and times indicated. No appointment is necessary.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
SBA disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are 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, receive additional disaster assistance information and download applications at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659‑2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Jan. 16, 2024. The deadline to apply for economic injury is Aug. 19, 2024.
Faulkner County
Disaster Loan Outreach Center
Emergency Management Office, Training Room
57 Acklin Gap Rd, Conway, AR 72032
Opens at 12 p.m. Monday, Nov. 27
- Mondays - Tuesdays, 8 a.m. – 4:30 p.m.
- Wednesdays, 9:30 a.m. – 6 p.m.
- Fridays, 8 a.m. – 4:30 p.m.
Beginning Thursday, Dec. 14, open on
Thursdays, 8:00 am – 4:30 pm
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.