SBA to Open Disaster Loan Outreach Center in Ruidoso

SACRAMENTO, Calif. - Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today announced the opening of its Disaster Loan Outreach Center to meet the needs of businesses and individuals who were affected by South Fork Fire, Salt Fire and flooding that occurred June 17-Aug. 20. The center will be located in the Ruidoso Public Library beginning Monday, Oct. 21 and will close at 2 pm Saturday, Nov 2.

"When disasters strike, our Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet," Sánchez continued. "At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey."

"SBA customer service representatives will be on hand at the following center to answer questions about SBA's disaster loan program, explain the application process and help each individual complete their electronic loan application," Sánchez continued. The center will be open on the days and times indicated. No appointment is necessary.

LINCOLN COUNTY
Disaster Loan Outreach Center
Ruidoso Public Library
107 Kansas City Rd.
Ruidoso, NM 88345
Opens at 9 a.m. Monday, Oct. 21
Mondays - Fridays, 9 a.m. - 5 p.m.
Saturdays 10 a.m. - 2 p.m.
Closes at 2 p.m. Saturday, Nov. 2

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.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

"SBA's disaster loan program offers an important advantage-the chance to incorporate measures that can reduce the risk of future damage," Sánchez continued. "Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements."

SBA disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

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

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

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.

The deadline to apply for property damage is Oct. 19, 2024. The deadline to apply for economic injury is March 20, 2025.

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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.