As the aftermath of Hurricane Hilary still lingers, small businesses in Nevada and Arizona are seeing some light at the end of the tunnel. The Small Business Administration's deadline for economic injury disaster loans is July 10, with the application window closing soon for those in need due to the hurricane that swept through Clark County between August 18 and August 24, 2023. These SBA loans have been a lifeline for many struggling companies in the affected areas.
Businesses of various sorts, from small nonfarm enterprises to private nonprofits, can seek financial aid in the form of Economic Injury Disaster Loans of up to $2 million, according to the Arizona Emergency Information Network. These loans are intended to cover the working capital needs that arose in the wake of the disaster, such as payroll and accounts payable. While designed to help bridge the financial chasm caused by the hurricane, the loans are available regardless of property damage.
Embattled businesses in counties such as Clark, Lincoln, and Nye in Nevada; and Mohave in Arizona, not to mention the California counties of Inyo and San Bernardino, are eligible for these funds. The SBA has set interest rates at 4 percent for businesses and 2.375 percent for private nonprofit organizations, as per the Arizona Emergency Information Network. The length of these loans can span up to 30 years, with the exact amount and terms being dependent on each applicant's specific financial circumstances.
The terms of the disaster loans also stipulate that applicants will not begin accruing interest until a full year past the disbursement of the first loan. Aligned with this, the SBA has also set the commencement of repayment to start 12 months following the first disbursement. Assistance on how to apply is available online through the SBA’s official website or their Customer Service Center at (800) 659-2955. The SBA also provides for those who are deaf, hard of hearing, or have a speech disability, offering telecommunications relay services when dialing 7-1-1.
