Small Business Finance News

SBA Offers Disaster Assistance And Business Recovery Solutions

Written by Jenna Weiner
Published: 9/15/2011

As wildfires and a hurricane left many small businesses in financial disarray, the SBA is working to aid business owners through disaster relief loans.

The U.S. Small Business Administration recently announced it will offer disaster assistance to New Mexico small businesses that have been impacted by the Las Conchas wildfire.

SBA Disaster Recovery Assistance

The administration received a request from New Mexico Governor Susana Martinez to declare the situation a disaster, making SBA assistance available in numerous counties, including Los Alamos, Sandoval, Bernalilo and Cibalo.

SBA New Mexico district director John Woosley said most small business can qualify for the Economic Injury Disaster Loans of up to $2 million to help recover from the financial impacts of the disaster and pay for expenses such as payroll and fixed debts.

"Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing," Woosley said.

In addition, the SBA recently opened a Business Recovery Center in Buxton, North Carolina, to help SMBs affected by Hurricane Irene. SBA representatives at the center will issue loan applications, answer questions about the loan program and assist owners with the application process.

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