innovate arkansas

As a result of the president's federal disaster declaration, SBA is now authorized to offer disaster assistance to Arkansas small businesses affected by the severe storms, flooding and tornadoes that began May 2.

Primary counties eligible for assistance based on physical damage and economic injury are: Arkansas, Benton, Cleburne, Conway, Crittenden, Grant, Lonoke, Mississippi, Phillips, Pulaski, Saline and Van Buren. Contiguous counties eligible for economic injury loan only are: Carroll, Cleveland, Craighead, Cross, Dallas, Desha, Faulkner, Garland, Hot Spring, Independence, Jefferson, Lee, Lincoln, Madison, Monroe, Perry, Poinsett, Pope, Prairie, St. Francis, Searcy, Stone, Washington, White and Yell.

Businesses may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Small businesses may also apply for Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

For disaster assistance, first call the Federal Emergency Management Agency (FEMA) at (800) 621-3362. Additional details on the location of assistance centers can be obtained by calling the SBA Customer Service Center at (800) 659-2955. The filing deadline to return applications for property damage is July 21. The EIDL application deadline is February 20.

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(This article was originally published in the May 28 edition of the Arkansas Small Business Development Center's e-newsletter, Biz Bytes.)