Virtual Business Recovery Center to Open Wednesday, July 13
SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Lowell Point Landslide and Lowell Point Road Closure that occurred May 7 – June 10, 2022, in the Kenai Peninsula Borough, SBA’s Administrator Isabella Casillas Guzman announced today. SBA acted under its own authority to declare a disaster following a request received from Gov. Mike Dunleavy on July 11, 2022.
The disaster declaration makes SBA assistance available in the Chugach and Iditarod Area REAAs; the Kodiak Island, Lake and Peninsula, and Matanuska-Susitna boroughs; and the Municipality of Anchorage.
“SBA’s mission-driven team stands ready to help Alaska’s small businesses impacted by the Lowell Point Landslide and Lowell Point Road Closure,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
Beginning Wednesday, July 13, SBA will establish a Virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application.
Virtual Business Recovery Center
Mondays - Fridays (5 days/week)
8 a.m. – 4 p.m. PST
“Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Garfield added.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.935 percent for small businesses and 1.875 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
The Alaska Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses should first visit the Alaska SBDC website at https://aksbdc.org. For further information, please contact the center by emailing info@aksbdc.org or by calling (907) 786-7201.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. 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. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is April 12, 2023.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.