By Matthew Holloway |
With tropical storm-fueled rains hammering various parts of Arizona and flood losses mounting, the U.S. Small Business Administration (SBA) announced that low-interest loans are now available for the victims of severe flooding in Coconino, Gila, Graham, Maricopa, Navajo, Pinal, and Yavapai Counties, as well as tribal nations.
The SBA is offering low-interest federal disaster loans to eligible businesses, nonprofits, residents, and tribal nations—similar to those provided for the Dragon Bravo Fire victims in September.
In a post to X announcing the relief for Gila County, Congressman Eli Crane (R-AZ02) called for continued prayers for those hit by the massive flooding. Remnants of Hurricane Priscilla hammered the area over the weekend, adding to late September’s monsoon deluge that devastated Globe-Miami.
Crane wrote: “@SBAgov has declared an economic disaster due to the severe flooding in Gila County. Through this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible businesses, private nonprofits, and residents,” providing a link to resources.
He followed up: “Please continue to keep those impacted by the devastating floods in Gila County in your prayers. For those affected, @SBAgov is offering Business Physical Disaster Loans, Home and Personal Property Loans, and Economic Injury Disaster Loans.”
According to the SBA:
“Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
“Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
“Applicants may be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.”
The Economic Injury Disaster Loan (EIDL) program is also available to help small businesses, nurseries, and non-profit organizations with financial losses directly related to this disaster.
For more information, the SBA directs victims to visit this website. They can apply online, call SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov.
“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, said in a press release. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
