Loans available for summer storm damage

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 through Aug. 28, 2022, Administrator Isabella Casillas Guzman of the U.S. Small Business Administration announced Tuesday.

SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Doug Ducey on Sept. 16. The disaster declaration makes SBA assistance available in Coconino, Gila, Mohave, Navajo and Yavapai counties in Arizona; and Kane and San Juan counties in Utah.

“SBA’s mission-driven team stands ready to help Arizona’s small businesses and residents impacted by severe storms, flooding, mudslides and debris flows,” Guzman said. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.

“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West.

Businesses of all sizes and private nonprofit organizations may borrow as much as $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional money to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 2.935% for businesses, 1.875% for private nonprofit organizations and 1.688% for homeowners and renters with terms as long as 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

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 disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for property damage is Nov. 18, 2022. The deadline to apply for economic injury is June 19, 2023.

Information provided by Yavapai County.