SBA, ASBTDC open Business Recovery Center in Little Rock following tornado
by April 6, 2023 2:37 pm 2,711 views
The U.S. Small Business Administration and the Arkansas Small Business and Technology Development Center Thursday (April 6) announced the opening of an SBA Business Recovery Center in Little Rock. It will provide a wide range of services to businesses impacted by the severe storms and tornadoes that occurred March 31.
“Due to the severe property damage and economic losses inflicted on Arkansas businesses, we want to provide every available service to help get them back on their feet,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives will be available to meet individually with each business owner.”
No appointment is necessary. All services are provided free of charge. The center will be located at the Adolphine Fletcher Terry Library on Napa Valley Drive.
“SBA representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application,” said Garfield.
According to State Director Laura Fine, Arkansas Small Business and Technology Development Center business advisors at the center can provide business assistance to clients on a wide variety of matters designed to help small business owners re-establish their operations, overcome the effects of the disaster and plan for their future.
“Services include assessing business working capital needs, evaluating the business’s strength, cash flow projections, and most importantly, a review of options with the business owner to help them evaluate their alternatives and make decisions that are appropriate for their situation,” she said.
Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries. 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 Disaster Loan assistance is available regardless of whether the business suffered any property damage. For business owners who are unable to visit the business recovery center, they may apply online using SBA’s secure website. The deadline to apply for property damage is June 1. The deadline to apply for economic injury is Jan. 2.