Arkansas businesses that sustained economic damage following storms, tornadoes and flooding in April have one month left to apply for a federal disaster loan from the U.S. Small Business Administration.
Linda Nelson, director of the SBA's Arkansas office, says Jan. 29 is the deadline to apply for loans to compensate for economic injuries caused by severe weather on April 27. Nelson says small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations may apply for loans of up to $2 million to meet capital needs caused by the disaster.
The loans are available in 20 Arkansas counties and two counties in Missouri. The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms of up to 30 years.
