Residents and businesses in Arizona along with several Tribal Nations are now eligible for low-interest disaster loans following the Gila County flooding event, thanks to the U.S. Small Business Administration (SBA). The loans are meant to help rebuild and recover from the physical and economic damage caused by the floods that took place from September 25 to September 27. According to a report published by EIN Presswire, the SBA's declaration covers not only Gila County but also the counties of Coconino, Graham, Maricopa, Navajo, Pinal, Yavapai, and the tribal lands within those regions.
The assistance comes in response to a request by Arizona Governor Katie Hobbs, and is intended to quickly aid in the recovery process. In a move to ensure comprehensive support, SBA has made different loan options available for physical and economic damage. Per the SBA declaration, businesses and private nonprofits can apply to borrow up to $2 million to repair or replace disaster-stricken property, equipment, and inventory. Homeowners and renters haven't been left out, with the possibility to secure up to $500,000 and $100,000 respectively, to put towards their primary residence and personal property.
Moreover, the SBA's Economic Injury Disaster Loan (EIDL) program is open to entities hit by the financial repercussions of the disaster. "SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP)organizations including faith-based organizations impacted by financial losses directly related to this disaster," EIN Presswire detailed. These loans aim to cover working capital needs caused by the disaster and may be used for expenses such as fixed debts and payroll.
Interest rates on these loans have been set low, with terms up to 30 years, to make the repayment process as manageable as possible. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, emphasized the role of the SBA after such events, saying to EIN Presswire, "When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover." Beginning Tuesday, Disaster Loan Outreach Centers (DLOC) will be staffed with customer service representatives to offer assistance and facilitate the loan application process. For those interested, walk-ins are welcome at the DLOCs, though appointments can be scheduled in advance through the SBA website.
