ROGERS, Ark. — Since President Joe Biden declared a disaster in Arkansas after severe storms damaged several homes and businesses, federal assistance is now available to residents and business owners.
Arkansans from Benton, Boone, or Marion counties can now apply for federal disaster loans through the U.S. Small Business Administration (SBA).
Spanish version: Para español haga clic aqui.
Although applications are available online, SBA is also opening a Business Recovery Center in Rogers for businesses of all sizes, nonprofit organizations, and homeowners to submit applications for loans.
The center will be at the World Trade Center at 3300 S Market St, Suit 400. It will be open Monday through Friday from 8 a.m. to 5 p.m. and Saturdays from 8 a.m. to 1 p.m.
SBA said recovery centers are designed to provide one-on-one assistance to disaster loan applicants.
Online application process at sba.gov/disaster
- Select your state and county
- Indicate whether you are applying for a loan for your house or business
- Share what kind of loss you have experienced: Physical damage or economic injury
"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 said in a press release. "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."
Homeowners with damaged or destroyed real estate can borrow up to $500,000, while homeowners and renters with damaged or destroyed personal property such as vehicles are eligible for up to $100,000.
If you decide to apply for the loan, SBA says the loan repayment begins 12 months from the date of the first disbursement. Interest rates and terms will vary depending on the applicant's financial condition.
According to SBA, those impacted by disasters can simultaneously apply for SBA loans and FEMA grants.
"FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources," SBA said. "The SBA disaster loan program is designed to help survivors with their long-term recovery needs."
The deadline to apply for property damage loans is July 29, 2024, and the deadline to apply for economic injury loans is March 3, 2025.
Watch 5NEWS on YouTube.
Download the 5NEWS app on your smartphone:
Stream 5NEWS 24/7 on the 5+ app: How to watch the 5+ app on your streaming device
To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com and detail which story you're referring to.