Small Business Association provides Low Interest Loans for Area Businesses, Non Profits and Residents Impacted by Severe Storms, Mudslides, and Debris Flow
Prescott, Arizona (September 30, 2022) — According to a recent announcement, the U.S. Small Business Administration is offering low interest loans to small businesses, non profits and residents that were impacted by flooding, debris flow and mudslides during a time period from July 23 to August 28, 2022. Below are details from a communication sent to the Mayor’s Office:
There is an SBA Disaster declaration that includes Coconino, Gila, Mohave, Navajo and Yavapai counties for the SEVERE STORMS, FLOODING, MUDSLIDES & DEBRIS FLOWS that occurred: July 23 through August 28, 2022. This declaration makes available Low-interest federal disaster loans to Arizona businesses and residents – Homeowners and Renters. People who may have lost personal property.
Coconino is the primary county for this declaration and the eligibility extends to all the counties that touch it. The incident period is occurring July 23 through August 28, 2022.
This assistance is available to AZ residents and businesses on tribal lands.
People are encouraged to apply if they think they may qualify.
Attached you will find the information pertaining to this declaration. Please do not hesitate to contact me if you have any questions or concerns.
Low-interest federal disaster loans are available to Arizona businesses and residents affected by severe storms, flooding, mudslides and debris flows that occurred July 23 ‑ Aug. 28, 2022. Attached you will find the fact sheet for this program as well as the press release and the Disaster Loan Outreach Center flyer with the address of our temporary location in Flagstaff. Closes Thursday, October 6, 2022.
A few points that are important:
- The deadline to apply for physical damage is November 18th
- Currently we have representatives available in Flagstaff to help survivors in person until October 6, 2022
- Limited time opportunity for flood recovery fund with interest rates as low as 1.688%
- An approved loan can request a 20% increase for mitigation (flood wall)
- Personal property is eligible including items already replaced with higher rate debt
- People don’t need to wait for insurance to settle
- If approved not required to accept
SBA customer service representatives will be at the following location to meet with each disaster survivor. SBA will answer specific questions about how a disaster loan may help each survivor recover from the disaster damage and will provide one-on-one assistance in completing applications for these loans.
SBA Disaster Loan Outreach Center
Health and Human Services Building
Birch Conference Room
2625 N King Street
Flagstaff, AZ 86004
Monday through Friday 8am to 5pm
Open Tuesday September 20 through Thursday October 6
Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations).
Economic Injury: only for small businesses and most private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.
Individuals and Families
Homeowners: up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property.
Renters: up to $40,000 to repair or replace 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.
In addition, 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 firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing please dial 7-1-1 to access telecommunications relay services.