NORTH LITTLE ROCK, Ark. (KAIT/Edited Information Launch) – The U.S. Small Enterprise Administration is now providing low-interest federal catastrophe loans to companies and residents in Benton, Boone, and Marion counties who had been affected by the extreme storms on Memorial Day weekend.
Companies and personal nonprofit organizations can borrow as much as $2 million to assist within the restore or substitute of broken or destroyed actual property, equipment, tools, stock, and different enterprise property. Further funds may also be sought to assist cowl the price of enhancements to guard, stop, or decrease future catastrophe harm.
SBA additionally provides Financial Harm Catastrophe Loans for small companies, small agricultural cooperatives, small companies engaged in aquaculture, and most non-public nonprofit organizations of any dimension to assist meet working capital wants attributable to the catastrophe. Financial damage help is accessible to companies no matter any property harm.
Catastrophe loans as much as $500,000 can be found to householders to assist restore or change broken or destroyed actual property. Householders and renters might borrow as much as $100,000 to restore or change broken or destroyed private property, together with autos.
The SBA catastrophe mortgage program goals to help survivors with their long-term restoration wants. Mortgage quantities and phrases are decided by SBA and are based mostly on every applicant’s monetary situation. To use for help via SBA, please go to sba.gov/catastrophe.
Survivors are inspired to concurrently apply for FEMA grants and SBA low-interest catastrophe loans to make sure a full restoration. FEMA grants are supposed to cowl mandatory bills and critical wants not paid by insurance coverage or different sources.
As soon as Federal-State Catastrophe Restoration Facilities open all through affected areas, SBA shall be out there to supply one-on-one help to candidates. For extra info on the situation of catastrophe restoration websites, you could contact (800) 659-2955.
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