SBA Tops $6 Million in Disaster Assistance Loans for the South Fork Fire, Salt Fire and Flooding

SACRAMENTO, Calif. - Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, announced today that SBA has approved more than $6 million in federal disaster loans for New Mexico businesses and residents impacted by the South Fork Fire, Salt Fire and flooding that began June 17. According to Sánchez, SBA has approved $638,400 for businesses and $6,278,800 for residents to help rebuild and recover from this disaster.

"SBA's disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible," said Sánchez. Businesses and residents in the Mescalero Apache Tribe and in Lincoln, Otero, Rio Arriba and San Juan counties in New Mexico who sustained damages are encouraged to apply prior to the Aug. 19 deadline at SBA.gov/disaster. "Don't miss out on any assistance you may be entitled to by not registering for help. You don't need to wait for your insurance to settle or obtain a contractor's estimate," he added.

In order to allow the borrower time to begin their recovery, 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.

SBA continues to provide one-on-one assistance to disaster loan applicants at the following locations on the days and times indicated. No appointment is necessary.

LINCOLN COUNTY
Disaster Recovery Center
Angus Church of the Nazarene
103 Bonita Park Rd.
Angus, NM 88316
Mondays - Saturdays, 9 a.m. to 7 p.m.

LINCOLN COUNTY
Disaster Recovery Center
Horton Complex
237 Service Rd.
Ruidoso, NM 88345
Mondays - Saturdays, 9 a.m. to 7 p.m.

LINCOLN COUNTY
Business Recovery Center
Ruidoso Public Library
Archive Room
107 Kansas City Rd.
Ruidoso, NM 88345
Mondays - Fridays, 9 a.m. - 5 p.m.
Saturdays, 10 a.m. - 2 p.m.

OTERO COUNTY
Disaster Recovery Center
Mescalero Community Library
148 Cottonwood Dr.
Mescalero, NM 83340
Mondays - Saturdays, 9 a.m. - 7 p.m.

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 can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.

For small businesses and most private nonprofit organizations of all sizes, 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. The deadline to apply for economic injury is March 20, 2025.

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.

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 Aug. 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.