Small businesses in the Salt River Pima-Maricopa Indian Community are urged to apply for federal disaster loans by the upcoming deadline of June 2, 2023. These loans are available to provide economic relief to businesses affected by the severe storms that occurred on July 17-18, 2022. Tanya N. Garfield, Director of the U.S. Small Business Administration’s (SBA) Disaster Field Operations Center-West, announced the reminder in a recent press release.
The Economic Injury Disaster Loans (EIDL) program offers up to $2 million in financial assistance to eligible small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size. The purpose of these loans is to help cover working capital needs that have arisen due to the impact of the storms. Garfield emphasized that businesses can apply for economic injury assistance regardless of whether they experienced any property damage.
Eligible businesses in the Salt River Pima-Maricopa Indian Community and Maricopa County in Arizona can benefit from these low-interest federal disaster loans. The interest rates for the loans are set at 2.935% for businesses and 1.875% for private nonprofit organizations, with repayment terms of up to 30 years. The SBA will determine the loan amounts and terms based on each applicant’s financial condition.
This opportunity for financial assistance is crucial for small businesses striving to recover from the economic impact of last year’s storms. By meeting their working capital needs, these businesses can continue to contribute to the local economy and community. With the June 2 deadline fast approaching, small business owners in the Salt River Pima-Maricopa Indian Community and Maricopa County are encouraged to act swiftly and apply for the SBA disaster loans.
Small business owners are encouraged to apply online for the EIDL program, access additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/.
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