SBA Approves Over $6 Million in Disaster Assistance Loans for South Fork Fire, Salt Fire, and Flooding Victims

Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration (SBA), announced today that more than $6 million in federal disaster loans have been approved for New Mexico businesses and residents impacted by the South Fork Fire, Salt Fire, and subsequent flooding, which began on June 17. The SBA has approved $638,400 for businesses and $6,278,800 for residents to aid in rebuilding and recovery efforts.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” Sánchez stated. He encouraged businesses and residents in the Mescalero Apache Tribe, as well as Lincoln, Otero, Rio Arriba, and San Juan counties, to apply for assistance before the August 19 deadline at SBA.gov/disaster. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” he added.

Read this information in Spanish

To support recovery efforts, interest will not begin to accrue until 12 months from the date of the first disaster loan disbursement. Similarly, loan repayment begins 12 months after the first disbursement.

The SBA continues to provide personalized assistance to disaster loan applicants at various locations. No appointments are necessary. Here are the details:

Lincoln County

• Disaster Recovery Center, Angus Church of the Nazarene 

  103 Bonita Park Rd., Angus, NM 88316 Mondays – Saturdays, 9 a.m. to 7 p.m.

  PLEASE NOTE: The Disaster Recovery Center (DRC), operated by FEMA and the State of New Mexico, at the Angus Church of the Nazarene will cease operations on Tuesday, Aug. 13, at 7:00 p.m. MT.

• Disaster Recovery Center, Horton Complex 

  237 Service Rd., Ruidoso, NM 88345 Mondays – Saturdays, 9 a.m. to 7 p.m.

• Business Recovery Center, Ruidoso Public Library Archive Room 

  107 Kansas City Rd., Ruidoso, NM 88345 Mondays – Fridays, 9 a.m. – 5 p.m., Saturdays, 10 a.m. – 2 p.m.

Otero County

• Disaster Recovery Center, Mescalero Community Library

  148 Cottonwood Dr., Mescalero, NM 83340 Mondays – Saturdays, 9 a.m. – 7 p.m.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other business assets. Additionally, SBA can lend funds for improvements to prevent future disaster damage.

SBA offers Economic Injury Disaster Loans to small businesses and most private nonprofit organizations to help meet working capital needs caused by the disaster. This economic injury assistance is available regardless of property damage, with a deadline to apply by March 20, 2025.

Disaster loans up to $500,000 are available for homeowners to repair or replace damaged real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace personal property, including vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofits, and 2.688 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are determined based on the applicant’s financial condition.

Applicants can apply online and find more disaster assistance information at SBA.gov/disaster or by calling the SBA Customer Service Center at (800) 659-2955. Those who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services.

The deadline to apply for property damage is August 19, 2024, and the deadline for economic injury applications is March 20, 2025.

For more information and ongoing updates, please visit the Village of Ruidoso municipal website and the South Fork and Salt Fire Information Hub.

Related Documents:

U.S. SMALL BUSINESS ADMINISTRATION FACT SHEET - DISASTER LOANS (PDF)

SPANISH U.S. SMALL BUSINESS ADMINISTRATION FACT SHEET - DISASTER LOANS (PDF)