ARKANSAS, USA — On Tuesday, the Small Business Administration (SBA) announced that small businesses that have suffered economic losses in 11 counties throughout Arkansas are now eligible to apply for Economic Injury Disaster Loans.
According to the press release, primary Arkansas counties include Benton, Boone, Carroll, Madison, and Washington. Neighboring Arkansas counties include Crawford, Franklin, Johnson, Marion, Newton, and Searcy.
"These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began Oct. 8," Associate Administrator for the Office of Disaster Recovery and Resilience at SBA Francis Sanchez Jr. said in the press release.
The following neighboring counties were also listed in the press release:
- Missouri
- Barry
- McDonald
- Stone
- Taney
- Oklahoma
- Adair
- Delaware
The press release said that small nonfarm businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations of any size can apply for loans up to $2 million.
While the SBA release said the Disaster Loan Program has been expended, they still encourage small businesses to apply.
"While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors," the press release said. "Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available."
In Madison County, War Eagle Fish Distributors owner Misty Brooks said drought conditions have affected the business she runs with her husband.
"This year, overall, has been really slow compared to the years before," Brooks said.
Brooks and her husband have run War Eagle Fish Distributors since 2021. They not only provide fish for consumption but have fishing ponds as well.
"Our ponds can look pretty rough because they'll get low themselves, and then people don't really want to come out and fish in them,” Brooks said. “If it's really hot too, then the fish don't bite as well, either, so it affects our pay ponds."
Brooks said about 30% of their business comes from stocking customers' ponds. Something she said has slowed down in recent months.
"I have a whole list of customers who we have been waiting for their ponds to get fuller so that we can stock them," Brooks said. "They're empty. Some of them are new ponds, and some of them are old ponds that have just dried up because of the drought."
She said fall is usually one of their busiest times of the year, but that is not the case this year. She said she and her husband continue to check the forecast for rain.
"We try and store up the money before this low winter, and so it's interesting to not be busy in the fall like we typically are," Brooks said.
SBA said loan payments will begin 12 months from the date of the first disbursement. The deadline to apply for loans is June 16, 2025.
Watch 5NEWS on YouTube.
Download the 5NEWS app on your smartphone:
Stream 5NEWS 24/7 on the 5+ app: How to watch the 5+ app on your streaming device
To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com and detail which story you're referring to.