Arkansas businesses eligible for SBA loans
The U.S. Small Business Administration is making available a new loan program to assist Arkansas businesses that suffered economic damages to the excessive heat and drought this summer.
The agency said small nonfarm businesses in all 75 counties in Arkansas are eligible for the Economic Injury Disaster Loan program The loans are meant to offset economic losses due to reduced revenues caused by high heat and drought conditions across the state. Howard County is listed as a primary Arkansas county through the loan program. Sevier, Little River and Polk are listed as qualifying secondary counties due to their proximity to the counties most affected by this summer’s drought.
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 disaster not occurred.
Xligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.935 percent for businesses and 1.875 percent for private nonprofit organizations and a maximum term of 30 years.
Businesses primarily engaged in farming or ranching are not eligible for BA 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. However, nurseries are eligible for BA disaster assistance in drought disasters.
Applicants may apply online, receive additional disaster assistance information and download applications at https:/ / disasterloanassistance.sba.gov/. Applicants may also call BA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on BA disaster assistance.
The deadline to apply for economic injury is May 15, 2023.
