Low-interest Disaster Loans Help Fuel Arkansas Disaster Recovery

NORTH LITTLE ROCK – Disaster recovery experts today urged applicants for federal assistance to complete a disaster loan application from the U.S. Small Business Administration.  Taking a loan is not required; completing the application can open the door to all federal assistance, including possible additional grants from FEMA.

Most Arkansans who register for disaster assistance with the Federal Emergency Management Agency will receive an automated call with information on how to complete the loan application process. Low-interest loans from the SBA are the major source of funding for disaster recovery.

SBA offers low-interest loans to homeowners, renters,  businesses of all sizes (including landlords) and private nonprofit organizations that have sustained disaster damage.  There is no cost to apply and no obligation to accept a disaster loan.

Assistance from FEMA is limited to help jump-start the recovery; it may not cover all damage or property loss. Completing the SBA Loan application may make FEMA assistance available to replace essential household items, replace or repair a damaged vehicle, or cover storage expenses.

Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years.

Eligible homeowners may borrow up to $200,000 for home repair or replacement of primary residences, and eligible homeowners and renters may borrow up to $40,000 to replace disaster-damaged or destroyed personal property, including a vehicle. 

Businesses of all sizes may qualify for up to $2 million in low-interest loans to help cover physical damages.

Small businesses and most private nonprofits suffering economic impact due to the severe weather and flooding can apply for up to $2 million for any combination of property damage or economic injury under SBA’s Economic Injury Disaster Loan (EIDL) program.

For additional information about SBA disaster loans, the application process, or for help completing the SBA application:

• Call 800-659-2955 (Deaf and hard-of-hearing individuals may call (800) 877-8339)
• Email disastercustomerservice@sba.gov

• Visit SBA’s website at www.sba.gov/disaster

People with storm losses who still need to register with FEMA can register anytime online at www.DisasterAssistance.gov , or with a smartphone or device at m.fema.gov. Survivors can also register by phone from 7 a.m. to 10 p.m. by calling FEMA at 800-621-3362. People who use TTY can call 800-462-7585. Multilingual operators are available.

Federal disaster assistance is available to eligible residents of Benton, Carroll, Crawford, Faulkner, Jackson, Jefferson, Lee, Little River, Perry, Sebastian and Sevier counties that suffered damage from the severe storms, tornadoes, straight-line winds and flooding Dec. 26, 2015 – January 22, 2016.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

# # #

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

The SBA is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps businesses of all sizes, private non-profit organizations, homeowners and renters fund repairs or rebuilding efforts and cover the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations. For more information, applicants may contact SBA’s Disaster Assistance Customer Service Center by calling 800-659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s website at www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call 800-877-8339.