Big news for Arizona! The Small Business Administration is stepping up with over $5 million in disaster loans following devastating floods.
On Tuesday, the Small Business Administration (SBA) announced a significant boost for Arizona, granting more than $5 million in disaster loans aimed at helping the state recover from the catastrophic effects of recent flooding. In September, Gila and Mohave counties experienced severe floods, wreaking havoc and causing an estimated $30 million in damages.
Despite the considerable destruction, the Federal Emergency Management Agency (FEMA) denied Arizona’s request for additional disaster relief funds. In a letter, FEMA concluded that the state should be capable of managing the damage without further federal assistance. This decision has sparked controversy, with Governor Katie Hobbs publicly disputing FEMA’s assessment and actively appealing the decision.
In a move to support recovery efforts, the SBA has allocated approximately $3 million for small businesses and $2 million for residents affected by the floods. Chris Stallings, the Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience, emphasized the significance of this funding, stating, “Surpassing $5 million in disaster loans reflects more than just numbers — it represents small businesses reopening, families returning home, and communities rebuilding more effectively.”
Individuals and businesses in Arizona who are still facing economic hardships from the flooding are encouraged to apply for these loans. The SBA is actively promoting the opportunity for those in need to secure financial support. However, applicants should note that the deadline for sending in economic injury applications is set for July 10.
As Arizona continues to navigate the aftermath of the floods, this financial assistance aims to provide a vital lifeline, helping the state recover and rebuild in the months ahead.
