SACRAMENTO, Calif. – The U.S. Small Business Administration and the New Mexico Small Business Development Center Network today announced the opening of an SBA Business Recovery Center in Ruidoso on Wednesday, May 11 to provide a wide range of services to businesses impacted by the wildfires and straight-line winds that began on April 5, 2022.
“Due to the severe property damage and economic losses inflicted on New Mexico businesses, we want to provide every available service to help get them back on their feet,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives and New Mexico Small Business Development Center Network advisors will be available to meet individually with each business owner,” she added. No appointment is necessary. All services are provided free of charge. The center will open as indicated below.
LINCOLN COUNTY
Business Recovery Center
Eastern New Mexico University
Ruidoso Branch Community College
709 Mechem Drive
Ruidoso, NM 88345
Opens at 8:30 a.m. Wednesday, May 11
Mondays - Fridays, 8:30 a.m. – 5:00 p.m.
“SBA representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application,” said Garfield.
According to New Mexico Executive State Director Russell Wyrick, Small Business Development Center Network advisors at the center can provide business assistance to clients on a wide variety of matters designed to help small business owners re-establish their operations, overcome the effects of the disaster and plan for their future. “Services include assessing business working capital needs, evaluating the business’s strength, cash flow projections, and most importantly, a review of options with the business owner to help them evaluate their alternatives and make decisions that are appropriate for their situation,” he said.
Businesses of any size 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. These loans cover losses that are not fully covered by insurance or other recoveries.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 2.94 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 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.
For applicants who are unable to visit the business recovery center, they may apply online using SBA’s secure website at https://disasterloanassistance.sba.gov/.
SBA representatives will meet with business owners and residents at disaster recovery centers located throughout the impacted area as they are established. For a list of locations, or to receive additional disaster assistance information, visit SBA’s website at 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. 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 property damage is July 5, 2022. The deadline to apply for economic injury is Feb. 6, 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.