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Springdale tornado victims eligible for low-interest loans

Homeowners whose primary residence was damaged are eligible for up to $200,000 over what insurance will pay.

SPRINGDALE, Ark. — Help is here if you or your business was impacted by the Springdale tornado. 

The Small Business Administration will be set up starting Tuesday, April 26 at 1:00 p.m. inside the Springdale Recreation Center to help assist people with applying for low-interest loans.  

“These loans are for homeowners, renters, businesses of all sizes, private nonprofits, so it can really apply to anybody that was affected by this storm,” said Rick Tillery. 

Homeowners whose primary residence was damaged are eligible for up to $200,000 over what insurance will pay. Renters and homeowners can get up to $40,000 for personal property including a vehicle.  

“We have physical disaster loans which is self-explanatory where you have damage to your structure or primary residence or your business or your office for your nonprofit. We also have economic injury disaster loans that act as working capital loans to help those businesses and nonprofits get back on their feet after suffering from this disaster,” he said. 

People and businesses can apply online, request an application over the phone or apply in person at the Springdale Recreation Center. Rick Tillery with the Small Business Administration says if you plan to apply in person bring as much information as you can. 

“Identification, financial information and insurance information, anything that you have bring it with you. We are lucky these days that a lot of that stuff is available online via online banking, your insurance agency is online these days. So, even if it’s destroyed in the disaster, you can typically get that online or bringing it in electronically with you,” he said. 

The Disaster Loan Outreach Center at the Springdale Recreation Center will be open Tuesday, April 26 at 1:00 p.m. Starting Wednesday, April 27 it will be open Tuesday-Friday from 9:00 a.m. to 6:00 p.m. and on Saturdays from 9:00 a.m. to 5:30 p.m. 

RELATED: Springdale tornado victims could qualify for disaster assistance

RELATED: Gov. Hutchinson announces relief assistance for homeowners affected by EF-3 tornados

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