SBA Economic Injury Disaster Loans Available to Arkansas Small Businesses

SACRAMENTO, Calif. - Small nonfarm businesses in the following counties are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by adverse weather conditions that occurred in the following primary counties in Arkansas, announced Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.

Declaration Number: 20507
Primary County: Ashley
Neighboring Counties: Bradley, Chicot, Drew and Union in Arkansas; Morehouse and Union in Louisiana.
Incident Type: Excessive Rain, Hail, and High Winds
Incident Dates: May 13 - 14, 2024
Deadline: 3/31/25

Declaration Number: 20508
Primary County: Boone
Neighboring Counties: Carroll, Marion, Newton and Searcy in Arkansas; Taney in Missouri.
Incident Type: Hail and High Winds
Incident Dates: May 8 - 9, 2024
Deadline: 3/31/25

Declaration Number: 20509
Primary County: Carroll
Neighboring Counties: Benton, Boone, Madison and Newton in Arkansas; Barry, Stone and Taney in Missouri.
Incident Type: Tornado, Flash Flood, Hail, High Winds, and Lightning
Incident Dates: May 24 - 26, 2024
Deadline: 3/31/25

Declaration Number: 20510
Primary County: Lonoke
Neighboring Counties: Arkansas, Faulkner, Jefferson, Prairie, Pulaski and White in Arkansas.
Incident Type: Excessive Rain, Hail, and High Winds
Incident Dates: May 20 - 24, 2024
Deadline: 3/31/25

Declaration Number: 20511
Primary County: Madison
Neighboring Counties: Benton, Carroll, Crawford, Franklin, Johnson, Newton and Washington in Arkansas.
Incident Type: Excessive Rain, Flash Flood, High Winds, and Lightning
Incident Dates: April 26 - 29, 2024
Deadline: 3/31/25

Declaration Number: 20512
Primary County: Prairie
Neighboring Counties: Arkansas, Lonoke, Monroe, White and Woodruff in Arkansas.
Incident Type: Hail and High Winds
Incident Dates: May 24 - 26, 2024
Deadline: 3/31/25

"SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters," Sánchez said.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disasters not occurred.

"Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage. These loans have an interest rate as low as 4 percent for businesses and 3.25 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship," Sánchez said.

Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these declarations on July 29.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary's declaration.

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 [email protected] 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.

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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.