Disaster loan deadline approaching in Arkansas for Small Business Administration working capital program
LITTLE ROCK, Ark. – Business people in designated Arkansas counties are running out of time to apply for Small Business Administration disaster loans.
Officials said the SBA loan application deadline is Nov. 25. The low-interest working capital loans are for business owners whose company sustained physical damage, lost inventory, equipment or revenue in one of the 32 eligible counties due to the drought beginning Nov. 1, 2023.
The SBA loans are available in Arkansas, Ashley, Bradley, Calhoun, Chicot, Cleveland, Crittenden, Dallas, Desha, Drew, Grant, Jefferson, Lee, Lincoln, Lonoke, Monroe, Phillips, Prairie, St. Francis and Union as primary counties.
Secondary eligible counties adjoining the primary counties are Clark, Columbia, Cross, Faulkner, Hot Spring, Mississippi, Ouachita, Poinsett, Pulaski, Saline, White and Woodruff.
SBA associate administrator for the Office of Disaster Recovery Francisco Sánchez said small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans. He said the loans, which can be up to $2 million, help 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,” Sánchez said. “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster.”
Sanchez added that the loans are available regardless of any property damage.
Officials said the interest rate is 4% for businesses and 3.25% for private nonprofit organizations with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Officials said loans are pending Congress replenishing the loan fund.
Interest does not accrue until 12 months after the initial disaster loan disbursement date and repayment begins 12 months after the first disbursement date.
Applicants may apply online and receive additional disaster assistance information 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 may dial 711 to access telecommunications relay services.
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