July 5, 2017 Edition
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SBA to provide disaster
relief assistance in LawCo.
Low-interest federal loans are now available to Arkansas businesses and residents through the U.S. Small Business Administration (SBA) as a result of President Trump's June 15 major disaster declaration.
The declaration covers Lawrence, Benton, Boone, Carroll, Clay, Faulkner, Fulton, Jackson, Pulaski, Randolph, Saline, Washington and Yell as a result of the severe storms, tornadoes, winds and flooding that occurred April 26 to May 19.
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.
Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.215% for businesses, 2.5% for private nonprofit organizations and 1.938% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Those interested in being considered for aid should first file their insurance claims, then register with the Federal Emergency Disaster Management Agency (FEMA) at 800-621-3362.
The SBA encourages anyone referred to them by FEMA to file an application with the SBA first. If applicants are not eligible for SBA assistance, they will be redirected back to FEMA.
There are also recovery centers now open in Lawrence and Randolph counties to assist flood victims. FEMA representative Daniel Green said, "It's really a one-stop shop for anyone who is still feeling the effects of the flooding from earlier this year." The center will have representatives from the SBA, FEMA and Arkansas state government partners.
The Lawrence County FEMA recovery center is located at the Black River Technical College Fire Training Facility in Walnut Ridge. The Randolph County center is housed in the Randolph County Nursing Home in Pocahontas.
Both offices are open Monday through Friday from 8 a.m. to 7 p.m., Saturday from 9 a.m. to 6 p.m. and Sunday from 1-5 p.m.
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