SBA Business Recovery Center Opens in Ruidoso to Aid Businesses Affected by South Fork and Salt Fires and Floods
The U.S. Small Business Administration (SBA) and the New Mexico Small Business Development Center (NMSBDC) have announced the opening of a new SBA Business Recovery Center in Ruidoso, New Mexico. The center will open on Wednesday, July 3, 2024, and provide a range of services to assist businesses impacted by the South Fork Fire, Salt Fire, and subsequent flooding that began on June 17.
“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 Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “The center will provide a one-stop location for businesses to access various specialized help. SBA customer service representatives will be available to meet individually with each business owner.”
The Business Recovery Center is located at the Ruidoso Public Library in the Archive Room at 107 Kansas City Rd., Ruidoso, NM 88345. It will operate Monday through Friday from 9 a.m. to 5 p.m. and Saturday from 10 a.m. to 2 p.m. It will be closed on Thursday, July 4, during the Independence Day holiday. No appointment is necessary, and all services are provided free of charge.
Russell Wyrick of the New Mexico Small Business Development Center highlighted the array of services available to affected businesses, stating, “SBDC business advisors will 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 working capital needs, evaluating business strength and cash flow projections, and reviewing options to help business owners make informed decisions.
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 are designed to cover losses not fully covered by insurance or other recoveries.
The SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations to help meet working capital needs caused by disasters. This assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations, and 2.688 percent for homeowners and renters, with terms up to 30 years. The SBA determines loan amounts and terms based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the first disaster loan disbursement date, with repayment beginning 12 months after that.
SBA representatives will also provide assistance at disaster recovery centers when they are opened in the impacted area. Additionally, applicants can apply online and find more information about disaster assistance at SBA.gov/disaster. The SBA Customer Service Center is available at (800) 659-2955, or by email at disastercustomerservice@sba.gov. For individuals who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage assistance is August 19, 2024, and the deadline for economic injury applications is March 20, 2025.
This new initiative aims to provide critical support and resources to help local businesses recover and rebuild after these devastating natural disasters.
