The U.S. Small Business Administration (SBA) has announced the opening of a Disaster Loan Outreach Center (DLOC) in Independence County to support small businesses, private nonprofit organizations, and residents impacted by severe storms and tornadoes that occurred on March 14-15.
Starting Tuesday, May 27, SBA customer service representatives will be available at the DLOC in Batesville to assist with disaster loan applications. No appointments are necessary, but those wishing to schedule in advance can do so online.
The center is located at the Independence County Office of Emergency Management – EOC Building at 1800 Myers St., Batesville, AR 72501. It will operate from Monday to Friday between 9 a.m. and 6 p.m., and on Saturdays from 9 a.m. to 1 p.m.
“When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration. “At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”
Businesses and nonprofits can apply for physical disaster loans up to $2 million for repairs or replacements related to real estate, machinery, equipment, inventory, and other assets damaged or destroyed by the disaster. Homeowners can apply for loans up to $500,000 for primary residence repairs or replacements while renters may borrow up to $100,000 for personal property like clothing and appliances.
Applicants might qualify for an increase of up to 20% over verified physical damages for mitigation improvements such as insulating pipes or installing storm windows.
The Economic Injury Disaster Loan (EIDL) program offers working capital loans even if there was no physical damage. These loans cover expenses like fixed debts or payroll due to financial losses directly linked to the disaster.
Interest rates start at 4% for small businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with repayment terms extending up to 30 years. Interest does not accrue nor are payments due until one year after the first loan disbursement date.
Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center via phone or email. The deadline for physical property damage applications is July 7, 2025; economic injury applications must be returned by February 9, 2026.