SBA Disaster Loan Outreach Center to Open in Decatur

SACRAMENTO, Calif. - Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, announced today that SBA will open its Disaster Loan Outreach Center in Decatur City Hall at 9 a.m. on Tuesday, Aug. 20.

"At the center, SBA customer service representatives are available to meet with businesses and residents who were affected by severe storms, straight-line winds, tornadoes and flooding that occurred May 24 - 27, to answer their questions, explain SBA's disaster loan program and close their approved disaster loans on the days and times indicated below," said Sánchez. No appointment is necessary.

BENTON COUNTY
Disaster Loan Outreach Center
Decatur City Hall
Community Room Building
310 Maple Ave.
Decatur, AR 72722

Opens at 9 a.m. Tuesday, Aug. 20
Tuesday - Thursday, 9 a.m. - 6 p.m.
Closes at 6 p.m. Thursday, Aug. 22

SBA representatives continue to be available at the following federal-state Disaster Recovery Center to meet with businesses and residents to answer their questions, explain SBA's disaster loan program and close their approved disaster loans:

BENTON COUNTY
Disaster Recovery Center
Shewmaker Center for Workforce Technologies NWACC
1000 SE Eagle Way, Room B103
Bentonville, AR 72712

Mondays - Saturdays, 8 a.m. - 6 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, 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 to businesses regardless of any property damage.

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.

To receive additional disaster assistance information, visit SBA's website at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information. 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. 28, 2024. The deadline to apply for economic injury is March 3, 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.