U.S. Small Business Administration (SBA) Tops $10 Million in Disaster Assistance Loans for the South Fork Fire, Salt Fire and Flooding

by Mescalero Apache Tribe | August 29, 2024 3:28 pm

NEW MEXICO—Francisco Sánchez Jr.[1], associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, announced today that SBA has approved more than $10 million in federal disaster loans for New Mexico businesses and residents impacted by the South Fork Fire, Salt Fire and flooding that occurred June 17 – Aug. 20. According to Sánchez, SBA has approved $1,379,900 for businesses and $8,986,900 for residents to help rebuild and recover from this disaster.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Sánchez. Businesses and residents in the Mescalero Apache Tribe and in Lincoln, Otero, Rio Arriba and San Juan counties in New Mexico who sustained damages are encouraged to apply prior to the Oct. 19 deadline at SBA.gov/disaster[2]. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” he added.

SBA continues to provide one-on-one assistance to disaster loan applicants at the following locations on the days and times indicated. No appointment is necessary.

LINCOLN COUNTY Disaster Recovery Center Horton Complex 237 Service Rd.[3] Ruidoso, NM  88345[4] Mondays – Fridays, 9 a.m. – 7 p.m. Saturdays, 12 p.m. – 5 p.m. Closed Monday, Sept. 2 for Labor Day

LINCOLN COUNTY Business Recovery Center Ruidoso Public Library Archive Room 107 Kansas City Rd.[5] Ruidoso, NM  88345[6] Mondays – Fridays, 9 a.m. – 5 p.m. Saturdays, 10 a.m. – 2 p.m. Closed Monday, Sept. 2 for Labor Day

Businesses of all sizes 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. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is March 20, 2025.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster[2]. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov[7] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Source URL: https://mescaleroapachetribe.com/21942/u-s-small-business-administration-sba-tops-10-million-in-disaster-assistance-loans-for-the-south-fork-fire-salt-fire-and-flooding/

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