SBA Disaster Loan Outreach Centers to Close in Faulkner, Lonoke and Poinsett

SACRAMENTO, Calif. - Associate Administrator Francisco Sánchez of the U.S. Small Business Administration's Office of Disaster Recovery & Resilience announced today that SBA will close its Disaster Loan Outreach Centers in Faulkner, Lonoke and Poinsett onThursday, Dec. 14.

"SBA opened the centers to provide personalized assistance to Arkansas businesses and residents who were affected by the severe storms, straight-line winds and tornadoes that occurred June 25 - 26. Until the centers close, SBA customer service representatives will continue to be available to meet with businesses and residents to answer their questions, explain SBA's disaster loan program and close their approved disaster loans," said Sánchez.

Businesses and residents can meet with SBA representatives on the days and times as indicated below. No appointment is necessary.

FAULKNER COUNTY
Disaster Loan Outreach Center
Emergency Management Office
Training Room
57 Acklin Gap Rd.
Conway, AR 72032
Monday - Tuesday, 8 a.m. - 4:30 p.m.
Wednesday, 9:30a.m. - 6 p.m.
Friday, 8 a.m. - 4:30 p.m.
Dec. 14, Thursday, 8a.m. - 4:30 p.m.
Closes at 4:30 p.m. Thursday, Dec. 14

LONOKE COUNTY
Disaster Loan Outreach Center
Lonoke County Courthouse Annex
Break Room
210 N. Center St.
Lonoke, AR 72086
Monday - Friday
8 a.m. - 4:30 p.m.
Closes at 4:30 p.m. Thursday, Dec. 14

POINSETT COUNTY
Disaster Loan Outreach Center
Marked Tree Community Center
806 Liberty St.
Marked Tree, AR 72365
Monday - Friday, 8 a.m. - 5 p.m.
Closes at 5 p.m. Thursday, Dec. 14

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 regardless of whether the business suffered any property damage.

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, 2.375 percent for private nonprofit organizations and 2.5 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.

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 Jan. 16, 2024. The deadline to apply for economic injury is Aug. 19, 2024.

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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.