The U.S. Small Business Administration (SBA) has announced the opening of a Disaster Loan Outreach Center (DLOC) in Sharp County, Arkansas. This initiative aims to support small businesses, private nonprofit organizations, and residents affected by severe storms and tornadoes that occurred on March 14-15.
Starting Saturday, May 17, SBA customer service representatives will be available at the center in Cave City to provide assistance with disaster loan applications. The center is open for walk-ins without an appointment, although appointments can be scheduled online.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated: "When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities." He added that these centers help business owners and residents apply for disaster loans and learn about recovery programs.
Eligible businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate and other assets. Homeowners may borrow up to $500,000 for their primary residence repairs or replacements, while renters can apply for up to $100,000 for personal property damage.
Additionally, applicants might qualify for a loan increase of up to 20% of their physical damages verified by the SBA for mitigation purposes. These improvements could include insulating pipes or installing storm windows.
The Economic Injury Disaster Loan (EIDL) program is also available to small businesses and nonprofits impacted financially by these disasters. EIDLs are meant for working capital needs such as fixed debts or payroll expenses caused by the disaster.
Interest rates are set as low as 4% for small businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with terms extending up to 30 years. Interest accrual begins one year after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center via phone or email. The deadline for returning applications related to physical property damage is July 7, 2025; economic injury applications must be submitted by February 9, 2026.