Federal agencies come to Texarkana to provide in-person storm recovery aid
Several homes hit by falling trees in Arkansas after thunderstorm
'You have FEMA (Federal Emergency Managment Agency, SBA, Arkansas Department of Emergency Management all here on location where we can all work with you, get you started in your application process, and at the end of the day hopefully get you started on your recovery as quickly as possible,' says Chandler Weber with the U.S. Small Business Administration (SBA).
FEMA is primarily looking to fill in the gaps in assistance that insurance did not provide in the wake of severe weather between April 2nd and 22nd, which was covered by the disaster declaration.
'Anybody who had any damages to their homes, whether it be a broken window, roof shingles, roof torn off, any kind of damage to their homes. We're asking you to come and apply for FEMA assistance,' says Fabian Gutierrez with FEMA.
The SBA is offering low-interest loans of up to $2 million for businesses.
'We'd rather see a small business take a loan out with us than see them potentially have to shut their doors at the end of the day,' says Weber.
Arkansas residents can apply for FEMA assistance after federal disaster declared
But the money being offered to rebuild goes beyond businesses.
'The majority of our assistance actually goes to the individual,' says Weber, 'We can offer up to $500,000 for physical damage that happened to their property, with an additional $100,000 for personal property. And that can cover anything from your personal vehicle to the clothes in your back.'
FEMA says to be prepared to provide personal information and a list of what was damaged.
'They have an inspector that will go out and be able to take a look at the home, take a look at the damage, and within 10 days or so, we'll be able to get back with you on what exactly we may be able to offer you.' says Gutierrez.
The purpose of having representatives available in person, though, is to make the entire process as easy as possible.
'So the biggest thing if you can just bring your driver's license and a little bit of patience just because at the end of the day you are going to sit down with the customer service representative, who's going to work you through the application process. They're going to answer all of your questions,' says Weber.
While Trump overhauls FEMA, Mississippi tornado survivors await assistance
The agencies will be at the Miller County State Survivor Assistance Location at 409 Hazel St in Texarkana, Arkansas from 8:00 a.m. to 6:00 p.m. through Saturday, May 31st. The SBA says their application deadline for physical damage is not until July 21st though.
SBA applications can be submitted online at MySBA Loan Portal, and they can be reached at disastercustomerservice@sba.gov or 1-800-659-2955.
FEMA applications can be found at DisasterAssistance.gov, and they can be reached at 1-800-621-3362.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Yahoo
an hour ago
- Yahoo
Alternatives to getting a small business loan at a bank
Key takeaways You can look into speedy alternatives to bank business loans in the form of loans from an online lender, invoice financing or merchant cash advances The SBA offers community-based loan programs that are lenient with approvals Bootstrapping, grants and equity financing help startups avoid debt Banks may be one of the most popular sources of financing, but they aren't the only option for getting a small business loan. If you don't meet the lender requirements from a bank, need fast funding or simply are looking for different funding terms, you can still find alternatives to bank business loans elsewhere. Here are the alternatives to consider. Types of alternative business funding Type of funding Best for SBA loans Affordable loans, slow funding needs Credit unions Lower interest rates and fees, local lending needs Online lenders Speedy funding, bad credit loans Community development financial institutions Businesses in underserved communities, more accessible requirements Peer to peer lending Lower credit and revenue requirements, slower funding Invoice financing/factoring Speedy funding, high-invoice volume businesses Merchant cash advance Speedy funding, High credit and debit transaction volume Equity financing Need for mentorship, partial township Grants Debt-free funding, slower funding Crowdfunding Debt-free funding, businesses with established customer or support base Bootstrapping Now or low debt, Entrepreneurs with capital to invest SBA loans The Small Business Administration designed its SBA loan programs to help small businesses get access to business financing. It offers affordable interest rates capped by the SBA and long repayment terms like 10 years for working capital uses, and are offered exclusively to business owners who have exhausted other traditional funding options. SBA loans from a bank often have tighter lending criteria similar to conventional business loans, and come with additional requirements around US citizenship and residency. They also have longer approval times than standard business loans, making them a slow funding option. SBA loans might be a good option for you if: You've exhausted all other lending options. You're looking for a more affordable loan. You don't need funding in a hurry. Bankrate insight As of July 2025, the SBA has 64,231 and $29,191,186,900 in 7(a) loans, with an average loan size of $454,472, according to the SBA's Weekly Lender Report. Credit unions Credit unions are not-for-profit institutions. Instead of stockholders, a credit union's members own and control the organization. This can lead to credit unions offering lower interest rates or fewer business loan fees than you might find with banks. Membership requirements can vary between credit unions, with some requiring you be a member of the military or other qualifying organization. Credit unions also tend to be more limited in services, products and locations. A credit untion might be good for you if: You want to have a personal stake and ownership over your loan. Your local credit union offers better rates and terms than your bank. You're okay with limited services, products and locations. Bankrate insight The approval rate for loans at credit unions tends to be slightly higher than large banks, with 47 percent of applicants being fully approved and 27 percent partially approved for funding, compared to 45 percent full approval and 25 percent partial approval at large banks, according to the 2025 Small Business Credit Survey. Online lenders Online lenders offer a digital application and loan approval process, which offers more accessible funding process than lenders bound to a physical location. These lenders may use technology to determine whether you're eligible for a loan, and often offer lenient eligibility requirements compared to banks. They also can offer extremely fast funding, often in a matter of one or two business days after approval. Online lenders often have lower loan maximums and may charge higher rates for applicants who need a bad credit business loan. On top of standard loans, online lenders offer other types of business financing, like lines of credit, invoice-based loans and merchant cash advances. Online lenders might be a good option if: You want an accessible loan application process. You don't meet bank credit requirements. You need fast funding. Community development financial institutions Community development financial institutions (CDFIs) provide loans, banking and other financial services to low-income, minority or otherwise underserved communities. They are given backing from the US Department of Treasury in exchange for providing education, lending and equitable access to funding for their communities. A CDFI can be a bank, a credit union, a loan fund or a depository holding. While the types of funding offered by the institutions differ, they often come with more accessible requirements, alongside education and resources for businesses starting out. Depending on the CDFI, you may need to have residence in the area they serve, or be opening a business in an underserved community. A CDFI might be a good option if: You live in or are opening a business in an underserved community. You don't qualify for traditional business bank loans. You're looking for a loan with additional educational and supportive resources. Peer-to-peer lending (P2P) Peer-to-peer lending involves borrowing money from individual people rather than traditional lenders like banks and credit unions. Usually, borrowers and lenders work through a platform like Kiva or LendingClub where borrowers can apply for loans, and people can invest their money into those loans. The benefit of peer-to-peer lenders is that they offer easier qualifications, allowing you to qualify even with no or poor credit and low revenue. The drawback is that rates and fees can be much higher for peer-to-peer loans than conventional or online loans if you have bad credit. There also may be limited funding availability based on demand, with some peer-to-peer lenders having waitlists. Peer-to-peer lending might be a good option if: You don't qualify for traditional bank loans. You're starting out with low revenue. You don't need funding quickly. Invoice financing/factoring If your company finds itself waiting on customers to pay the invoices you submit, you may turn to invoice financing to get cash quickly. With invoice financing, you use the money you're due based on the invoices you've submitted as collateral to get a loan. The lender will give you cash upfront with a set repayment plan and interest rate. As you get paid for those invoices, you can repay the debt. Invoice factoring also uses the invoices to determine eligibility and how much funding you receive. What makes it different is that the factoring company actually buys your invoices from you. When your customer pays the invoice, the money goes directly to the factoring company rather than you. The factoring company buys your invoices for between 70 and 90 percent of their face value, giving it room to make a profit. The company will then take out its fees and return any extra money to you once clients make good on the invoices. These loans tend to have low or no credit requirements, and instead are based on how many invoices you have and how much your customers owe you. Keep in mind that fees and interest rates tend to be much higher, and you may rack up high penalties if your customers fail to pay in a timely fashion. Invoice factoring or financing might be a good option if: You have a steady supply of invoices. You need funding quickly. You have low or limited credit and revenue. Merchant cash advances Merchant cash advances (MCAs) are an option for companies that make many sales through debit and credit card purchases. With an MCA, the lender gives you a lump sum of cash based on a percentage of your future card-based sales, which you then repay with your sales. MCAs are useful for companies that require fast funding and that don't meet traditional loan credit requirements. Keep in mind, however, that the factor rates and fees can be quite high – sometimes going into APRs in the 90s. Due to the high rates and aggressive daily or weekly repayments, you can easily get trapped in a cycle of debt until you make enough revenue to pay back the loan. An MCA might be a good option if: You make most of your sales through credit and debit card transactions. You need funding quickly. You have a low or no credit score. Equity financing Many small business owners turn to equity financing to finance building or expanding their business without going into traditional debt. Equity financing involves getting funding from investors, usually by giving away ownership of your company. You can get equity financing through: Angel investors: Individuals that provide financing and mentorship, Shark-Tank style. Venture capital firms: Financial organizations made up of investors aiming to finance high-potential startups. Initial Public Offering (IPO): Releasing shares of your company to the public as an entry into the stock market. Grants Grants are cash awards that you don't have to repay as long as you qualify for them, giving you a great alternative to business loans from a bank. Depending on the terms, you might have restrictions on how you can use the money or be free to spend it however your business wishes. There are many places to look for grants. Many local or state organizations and federal agencies offer grant programs that you can apply to. There are also privately run grant programs funded by businesses or non-profit organizations. Eligibility for these grants will vary, and funding can be competitive. You may want to look for grants in your industry or within community to increase your chances of getting the grant. Grants might be a good option for you if: You don't need funding in a hurry. You don't want to go into debt. You qualify for a specialized or local grant. Crowdfunding Crowdfunding is a way to raise money from everyday people rather than a traditional lender. You'll need a strong community network to make this form of financing successful or have a product that generates a lot of excitement. There are four primary types of crowdfunding: Donation-based crowdfunding asks people to donate money to your cause. There's no expectation that you'll repay the donors or offer them anything in return. Debt crowdfunding gets you financing from backers that you promise to repay in the future. Typically, these crowdfunding campaigns outline the repayment timeline and offer interest, giving the backers a chance to earn a return on their investment. Reward crowdfunding lets backers give your business money and receive something in return. For example, you might offer the product you're developing or digital content as an award for funds. Equity crowdfunding sells a share of the ownership in the business in exchange for funds. Because investors own part of your business, investors may have a say in how you run your business. Crowdfunding can be a good way to drum up both funding and publicity for your business. You will, however, need to be able to generate enough attention for your campaign in order to make it work. You'll also need to be able to fulfill the rewards, repayments or other conditions of the campaign in order to avoid both disappointing your backers and possibly violating the terms of the funding platform. Crowdfunding might be a good option if: You're able to attract enough attention to your campaign to gain backers. You're sure you'll be able to fulfill your campaign promises. You want to generate buzz for your business. Bootstrapping Bootstrapping is the act of starting a business using personal resources like savings or borrowing from friends and family. The term comes from the idea of 'pulling yourself up by the bootstraps.' This phrase means that business owners will put in time and effort to make their business successful. Bootstrapping is also characterized by limiting business expenses and using personal equipment when necessary to get the job done. Many businesses start by bootstrapping in order to establish revenue and a customer base and meet the requirements for a traditional loan, get a prototype going to show to investors or otherwise establish a solid foundation for their business. One option for bootstrapping is a rollover as business startup (ROBS), which allows you to draw funds from your 401(k) tax-free in order to start up your business. Bootstrapping is beneficial because it keeps costs low and is an alternative to getting a business loan before you can establish revenue. On the other hand, you are putting your own funds at risk with bootstrapping, and stand to lose whatever you've invested if your business fails. Bootstrapping might be a good alternative if: You want to start small with your business and grow over time. You're okay with putting your own funds on the line. You have savings to invest. When to choose a bank business loan alternative There are a few good reasons to explore alternatives to bank loans, including: You don't meet eligibility requirements for a bank loan. Alternative lending often has more lenient requirements than bank loans, and are more accessible for those with a lower credit score or revenue. You need fast funding. Alternative lenders can disburse funds within a matter of days instead of weeks. You can get better repayment terms or interest rates with an alternative. Alternative lenders can offer lower interest rates or more flexible repayment schedules. You get more flexibility in how you use the funding. Alternative lenders can offer funding to industries that banks may not lend to, such as cannabis growers or car dealership. You want to avoid debt. Some forms of alternative funding don't involve loans at all, and can fund your business without without the need to pay the money back. Bottom line If you want to get a small business loan, looking beyond loans from a major institution to alternative business loans may pay off in the long run. While traditional loans from big banks have strict requirements, alternative lenders and funding sources introduce solutions for new businesses or those with subprime credit. These alternative lenders and loan options may speed up the approval process, helping you make quick purchasing decisions or take advantage of a time-sensitive opportunity. Be sure to think through all your options to make the best decision for your business. Frequently asked questions What are examples of alternative lending? Alternative lending is technically any funding outside of traditional banking institutions. Examples of alternative lending are peer-to-peer lenders, crowdfunding and direct private lenders. Alternative lenders often offer more flexible terms and may be better for startups, businesses with bad credit and businesses in need of small loans. What is the most popular form of alternative financing? Loans from online lenders are popular, but so is crowdfunding. The global crowdfunding market is expected to grow to more than $28 billion by 2028. Crowdfunding allows small businesses to get small investments from individual donors that normally don't require repayment. Do alternative lenders give high or low interest rates? Alternative lenders offer a range of interest rates. They are often competitive with traditional loans and may depend on your credit score. However, many direct private lenders will base your interest rate on additional factors, including the perceived potential of your business. How do I qualify for alternative funding? Different lenders, investors and financial institutions will have different requirements. Some will require you have a certain level of annual revenue, while others will require you be part of a certain demographic or do business in a certain area. Keep in mind that, in general, the lower the requirements are, the higher the fees and interest rates will be, or the more work you'll have to put into raising money or applying for the funding in question. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
2 hours ago
- CBS News
Southern California community pleading for help after Trump Administration pulls federal funding
Residents in the Rancho Palos Verdes have been living in fear that one day their homes might slide down the edge of the slope. Just when they thought they were going to be receiving funds to help, it got ripped away. Corinne Gerrard, 85, lives on a slippery slope and uses a walking stick and a cane to find and fill fissures around her house. Gerrard says areas around her home have to be filled twice a day. In Rancho Palos Verdes, a handful of landslides have been moving homes for years and recent wet winters have made things worse. "Morning chores are get up, get the shovels out, get the wheelbarrows out and start filling the fissures," Gerrard said. In August 2023, Rancho Palos Verdes was awarded a $23 million grant from the Federal Emergency Management Agency (FEMA) to slow down the Portuguese Bend landslide. But in April 2025, FEMA abruptly canceled the nearly $5 billion Building Resilient Infrastructure and Communities program nationwide, saying in a press release it was "wasteful" and "ineffective." CBS Los Angeles has reached out to the White House for a response to the funding cut and is waiting for a response. It was a bold shift from what Mr. Trump said on his campaign trail in September last year at the Trump National Golf Course. "I want to express my support to all of the families affected by the landslides of Rancho Palos Verdes," Mr. Trump said last September. John Colich is a long-time Trump supporter whose construction company built the road outside Trump National Golf Course in Rancho Palos Verdes, along with some other projects. "We, he hasn't done very good on that promise. I like some of those other issues that he's taken care of, but, of course, I wish he would support the neighborhood," Colich said. Even though Colich feels the president hasn't held up his end of this promise, it hasn't changed his support for him. Colich has brought in about 10,000 cubic yards of dirt to shore up his property that sits in the canceled grant zone. John Cruikshank was the Rancho Palos Verde mayor when then-candidate Mr. Trump made that campaign promise. "We have about 600 homes, several thousand residents have been affected," Cruikshank said at the time. The former mayor, who's a civil engineer, says the federal grant would've been a force multiplier, providing more equipment to the water extraction systems the city has been funding on its own with measurable success. "The land at its worst was moving about 50 feet per year and now it's currently about 20 feet per year in the worst areas," Cruikshank said. "Some of the areas aren't moving at all anymore." The Building Resilient Infrastructure and Communities program was originally created in 2018 during Mr. Trump's first term to help vulnerable communities with natural disasters like hurricanes and floods. CBS News analysis of FEMA data found 86 grants were previously awarded in California, worth $1.14 billion for projects like retrofitting and fire prevention. Nearly 95% of them have been canceled. Dave Bradley, the current mayor, says his city isn't being singled out because BRIC grants have been canceled across the country, while the federal government has its hands full. He says the canceled grants will have a ripple effect on the president's golf course. "It's one of the primary routes that people use to get to the golf course so if PV Drive South was impassable, I would expect it would have a negative effect," Bradley said. In less than two years, the city has dipped into its reserves, spending nearly $50 million on repaving this stretch of road, sometimes twice a day, just a couple of miles from Mr. Trump's golf course. "If I could speak to President Trump today, I would say, 'Sir, when you were out here and you saw the landslide a year ago, I hope you remember what you saw because we really are in need here,'" Bradley said. Both the mayor and the former mayor are registered Republicans who are cautiously optimistic that Washington will step in to help. Gerrard's house sits outside of the BRIC project zone, which originally included 200 homes. The land movement has about doubled since the grant was awarded. Cruikshank says 650 homes are currently in the landslide. Gerrard says she has sunk thigh-deep into the dirt several times as she tries to save her beloved home. "That's the reason I carry a backpack because my phone is here," Gerrard said. "If anything happened to me, I could call a neighbor and say 'help.'" Bracing for a distress call, while a community is already crying for help. The Department of Homeland Security sent CBS News Los Angeles a statement. "Under the leadership of Secretary Noem, DHS and FEMA have delivered robust aid since January to L.A. County, home to Rancho Palos Verdes, with $132 million in individual assistance, over 500 dedicated staff, shelter for 2,800+ households, and $3 billion in SBA low-interest disaster loans," the statement read.
Politico
5 hours ago
- Politico
Officials pass on pointing fingers after Texas floods
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'I can't see anything that we did wrong,' Richardson, who has faced criticism for not arriving in Texas until a week after the floods, told members of the House Transportation and Infrastructure Subcommittee on Emergency Management. 'We would like to take the strengths that we did in Texas, and we're going to share them with other states.' At the Texas hearing, Republican state Sen. Charles Perry — one of the leaders of the joint committee probing disaster preparedness — set the tone for that session early on, saying, 'Our select committee will not armchair quarterback or attempt to assign blame.' That, he said, would undermine the goal of 'constructive policy solutions.' The genial atmosphere in Texas prompted several Democrats to admonish their colleagues. 'The reason this select committee formed is because 137 people are dead, including a number of 8-year-old little girls out of camp,' state Rep. Ann Johnson said. 'This is not a normal hearing. This is not a normal 'attaboy' for the agencies.' Local response and the future of FEMA Communication gaps during the early morning hours of July 4 have been a key area for scrutiny in the wake of the disaster. While the National Weather Service sent out increasingly dire flash flood warnings beginning on the night of Thursday, July 3, the first emergency notices came out at 3 a.m. on Friday, when many people could have missed them. The hardest-hit areas lacked a flood warning system. At the Texas Legislature hearing, some pinch points that could have contributed to the disaster emerged. W. Nim Kidd, chief of the state's Division of Emergency Management, testified that the agency's emergency contacts for mayors and county judges — who are in charge of local emergency management — are often office numbers or generic emails that may not be monitored during off hours. At the separate hearing on Capitol Hill, Subcommittee Chair Scott Perry (R-Pa.) raised concerns about FEMA's response and communication with states. Democrats drilled into Richardson for what they considered a slow response from FEMA's urban search and rescue teams as well as a failure to pre-position emergency response resources ahead of the flooding. A former Marine officer with no apparent emergency management experience, Richardson took over at FEMA in May after President Donald Trump fired his first acting administrator of the agency. Richardson's boss, Homeland Security Secretary Kristi Noem, has said since the disaster that the administration is 'cutting through the paperwork of the old FEMA,' with the aim of speeding up what had been a lumbering disaster-recovery bureaucracy. But the track record to date offers reasons to worry, said Arizona Rep. Greg Stanton, the top Democrat on the Emergency Management Subcommittee. 'We know that this administration has been talking about dismantling FEMA. ... We know that they have been promoting this new model of letting the states handle it, and FEMA is only in there in kind of a backup role,' Stanton told Amelia after the hearing. 'And I am haunted that the people of Texas were guinea pigs for this new model.' It's Thursday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Heather Richards. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to hrichards@ Today in POLITICO Energy's podcast: James Bikales breaks down why the Trump administration backed away from funding the proposed Grain Belt Express power line. MORNING MONEY: CAPITAL RISK — POLITICO's flagship financial newsletter has a new Friday edition built for the economic era we're living in: one shaped by political volatility, disruption and a wave of policy decisions with sector-wide consequences. 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