The U.S. Small Business Administration announced the availability of low-interest federal disaster loans to Missouri businesses, private nonprofit organizations, and residents affected by severe storms, tornadoes, and flooding that occurred throughout the area April 23 to 28.
The SBA issued a disaster declaration in Randolph and Saline County in response to a request received from Governor Mike Kehoe on August 27. Businesses and nonprofits are eligible to apply for 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.
SBA Public Affairs Specialist Anita Bing says businesses and nonprofits can also apply for economic injury loans to meet ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
The deadline to return physical damage applications is October 27, while the deadline to return economic injury applications is May 28, 2027. Bing says the application process is simple and doesn’t require specifics on damages or losses.
To apply online, visit www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.