SBA Tops $6 Million in Disaster Assistance Loans for Severe Storm and Flooding

SACRAMENTO, Calif. - Director Tanya N. Garfield of the U.S. Small Business Administration's Disaster Field Operations Center-West announced today that SBA has approved more than $6 million in federal disaster loans for Montana businesses and residents impacted by the severe storm and flooding that occurred June 10-July 5, 2022. According to Garfield, SBA has approved $3,624,600 for businesses and $2,814,300 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 Garfield. Businesses and residents in Carbon, Park, Stillwater, and Yellowstone counties who sustained damages are encouraged to register prior to the Aug. 29, 2022, deadline with the Federal Emergency Management Agency at www.disasterassistance.gov. "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," she added.

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.

Carbon County
Disaster Recovery Center
United Methodist Church
14 Montana Ave.
Fromberg, MT 59029
Mondays - Saturdays, 9 a.m. - 7 p.m. MDT

Carbon County
Disaster Recovery Center
Roosevelt Jr. High School
413 S. Oakes Ave.
Red Lodge, MT 59068
Mondays - Saturdays, 8 a.m. - 6 p.m. MDT

Park County
Business Recovery Center
Super 8 by Wyndham
Conference Room
303 E. Main St.
Cooke City, MT 59020
Mondays - Fridays, 9 a.m. - 6 p.m. MDT

Park County
Business Recovery Center
Gardiner Community Center
208 W. Main St.
Gardiner, MT 59030
Mondays - Fridays, 9 a.m. - 6 p.m. MDT

Park County
Business Recovery Center
Livingston Area Chamber of Commerce &
Visitor Center
303 E. Park St.
Livingston, MT 59047
Mondays - Fridays, 9 a.m. - 6 p.m. MDT

Park County
Disaster Recovery Center
Park High School
102 View Vista Dr.
Livingston, MT 59047
Closes Wednesday, August 10 @ COB

Yellowstone County
Disaster Recovery Center
United Way of Yellowstone County
2173 Overland Ave.
Billings, MT 59102
Mondays - Saturdays, 8 a.m. - 6 p.m. MDT

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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of 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 Mar. 30, 2023.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 2.935 percent for businesses, 1.875 percent for private nonprofit organizations and 1.688 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, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. 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. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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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.

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