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SBA Disaster Loans Announcement

USA small business administration

SACRAMENTO, Calif. – In response to the severe winter storms, flooding, landslides, and mudslides that transpired between March 8 and 19

Administrator Isabella Casillas Guzman of the U.S. Small Business Administration has announced the availability of low-interest federal disaster loans for businesses and residents in Nevada.

This disaster declaration ensures that SBA’s assistance is accessible, specifically in Lyon County.

Administrator Guzman emphasized that SBA’s team is poised to assist Nevada’s small businesses and residents who have been affected by this catastrophe. She underlined the agency’s dedication to delivering federal disaster loans in a prompt and efficient manner, employing a customer-centric approach to facilitate the recovery and rebuilding efforts of both businesses and communities.

To facilitate this process, SBA has inaugurated a Virtual Disaster Loan Outreach Center, intended to provide tailored support to business owners, homeowners, and renters. SBA Customer Service Representatives will be available during the designated hours to address inquiries related to SBA’s disaster loan program, offer guidance through the application process, and assist individuals in completing their electronic loan applications. The provided contact information can be used for phone inquiries or emails.

Virtual Disaster Loan Outreach Center

Monday – Friday

8 a.m. – 4:30 p.m.

Email: FOCWAssistance@sba.gov

Phone: (916) 735-1512

Businesses of varying sizes, as well as private nonprofit organizations, have the opportunity to borrow up to $2 million. These funds can be utilized to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other essential business assets.

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. These loans are tailored to address the working capital needs stemming from the disaster’s impact. It’s noteworthy that economic injury assistance is available irrespective of whether the business sustained property damage.

Homeowners facing the repercussions of the disaster can access disaster loans of up to $500,000 for the purpose of restoring or replacing damaged or destroyed real estate. Additionally, homeowners and renters are eligible for loans of up to $100,000 to facilitate the repair or replacement of damaged or lost personal property, including personal vehicles.

SBA extends the provision of additional funds to both businesses and homeowners to assist in covering the expenses associated with fortifications aimed at safeguarding against, mitigating, or preventing potential future disaster damage.

Interest rates are favorable, commencing as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.375 percent for homeowners and renters. Loan terms, spanning up to 30 years, are determined by SBA based on each applicant’s financial condition.

Interest only begins to accrue after 12 months from the date of the first disbursement of the disaster loan. Repayment of SBA disaster loans starts 12 months from the date of the initial disbursement.

Applicants can initiate the application process online, gain access to comprehensive disaster assistance information, and download necessary applications via https://disasterloanassistance.sba.gov/. For inquiries, individuals can contact SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for detailed information about SBA disaster assistance. Individuals with hearing impairments can access telecommunications relay services by dialing 7-1-1. Completed applications should be sent to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The application deadline for property damage is October 10, 2023. For economic injury, the application window remains open until May 8, 2024.

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