SBA representative explains program to help victims from spring storms

During the Ozark County Commissioners’ weekly meeting  held Monday morning, a representative from the U.S. Small Business Administration spoke about the low interest disaster loan program that benefits those who were affected by the storms from March 30 through April 8 this year.

Public Affairs Specialist Mike Slater who spoke to the commissioners said that because the storms received a presidential disaster declaration, certain kinds of funding for loans were opened up, not only to small businesses but also homeowners and renters.

“Despite our name we do help homeowners and renters until the physical damage deadline which is Dec. 22,” said Slater. “And then it’s businesses only.”

Slater explained that after that deadline only businesses would qualify for loans. However, loans available after Dec. 22 will not be for physical damages. The loans available after that will be for economic injury “like if a mechanic or truck place gets hit, it’s that lost business.”

Slater stressed that the SBA program is different than what most people are used to during a disaster. “The difference between us and FEMA is that SBA has a disaster loan program [not a grant that doesn’t need to be repaid].

“One of the weird things about this [disaster assistance] is that the damage was so long ago that if your roof got blown off you’ve replaced your roof already,” said Slater. “But if you got a home equity loan, dipped into your savings, your retirement savings or put anything on a credit card, our rates are going to be better than anything you can find commercially. 

“So that’s what I’m trying to push. If you have a credit card balance that [is bigger because of] damages please, please visit our website and we’ll see what we can do.”

Property and personal property, including vehicles, qualify for the SBA loans and there is no minimum to the amount a person can borrow.

“One cool thing about the SBA program is that people can use those funds for relocation,” said Slater. “If somebody did have to move because either the home they were renting or their primary home was damaged, then I encourage them to reach out and see what can be available.”

Because receipts and paperwork from that time might be difficult to find “it’s more proving those damages even if you’ve made those repairs,” said Slater. “Like ‘hey this is what I spent at the hardware store or who I hired to do it.’ Since the dmage was so long ago it can be a challenge but any kind of proof is fine like photos, estimates, insurance adjusters, any materials bought.

“If you had to rebuld completely from scratch anything that insurance didn’t cover, we can bridge the gap. And if people are still waiting on those insurance payments, we can help there, too.

“By calling the 800 number or going to the website, that will hook them up with someone who can answer the questions to their specific situation. I can only speak in broad terms.”

Businesses would benefit from the economic injury loan by helping cover some of the gaps from lost business or wages.

“If a business was forced to close and they still paid their employees or they had to replace equipment and lost income then they would qualify for both the physical damage for the equipment they lost but also the income the business lost,” said Slater.

The deadline for the economic injury loan is July 22, 2026.

“[The deadline is so far out] because you may not see those impacts right away from just business losses,” said Slater. “I know this area does rely some on tourism. So the beginning of April you’re getting ramped up for that summer and late spring tourist season. [This may help] replace what was lost to keep a business going or to recover.”

Slater also stressed more benefits to the SBA loans: no interest acrued and no payments for the first 12 months; no minimum loan amounts; and repayment terms up to 30 years.

The SBA loans may also be used for mitigation projects.

“People can get a loan thorugh SBA for up to 20% of their damage for mitigation projects,” said Slater. “It’s [about] trying to get through the next storm better off than what happened with this one.

“Improvements like getting some landscaping projects to get water moving away from your house instead of in your basement or if you have some dead trees but have been prioritizing other things instead of getthing them removed. Anything that will make yoru house or proeprty or business better able to survive the next storm [would qualify].”

For more information on the SBA loan program, go to sba.gov/disaster or call 800-659-2955.