Low interest disaster loans are being offered to businesses and residents who are affected by forest fires that started in Arizona. The Wallow fire in eastern Arizona has impacted businesses and they have suffered major losses. The SBA is offering disaster loans to help businesses and residents overcome the chaos.
Monument Fire near Sierra Vista is considered another major disaster. Businesses and homeowners of this region can get disaster loans for physical damage as 50 homes are known to have got burned. However, homes that are primary residents and not rented out as a business do not qualify.
Wallow fire is the largest fire in Arizona on record and it torched 538,049 acres between the period May 29 and early July. Six homes, one business and one non-profit are highly damaged. Five more homes and a non-profit suffered minor damages according to a source. SBA loans are offered when at least 25 businesses or homes in an area suffer major damages.
Businesses eligible for low interest loans are those affected by Wallow Fire in Apache, Graham, Greenlee and Navajo counties in Arizona. However, William Koontz, a SBA spokesman based in Sacramento, says, “In Apache County (Wallow Fire), there were damaged properties, but they weren’t primary residents. They were vacation homes.”
Monument Fire near Sierra Vista started on June 12 and had spread out to 48 square miles and damaged 57 homes. Loans granted for disasters can range up-to $2 million. It can be used to pay fixed debts, bills, payroll, account payable etc.
Loans up to $2 million for economic injury and physical damage are made available to businesses in Cochise, Greenlee, Graham, Pima and Santa Cruz counties in Arizona and Hidalgo County. Monument Fire disaster hit businesses can find loans up to $200,000 for physical property and $40,000 for reparation of personal property. Interest rates for homeowners and renters can be as low as 2.688 percent, 3 percent for private non-profits and 4 percent for businesses with 30 years terms.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to