The U.S. Small Business Administration or SBA announced the availability of low-interest federal disaster loans to Tempe residents, businesses, and nonprofits to assist with economic losses from storms occurring Oct. 10-13.

The SBA will open a Disaster Loan Outreach Center at the Tempe Public Library beginning Nov.18.

The disaster relief comes after the request of Gov. Katie Hobbs to both the SBA and FEMA, or the Federal Emergency Management Agency. FEMA still has not determined if funding will be provided.

“We appreciate the SBA’s quick action to make this assistance available,” Mayor Corey Woods said in a statement. “Our thanks also go to Gov. Katie Hobbs, Rep. Greg Stanton and the Maricopa County Department of Emergency Management for supporting Tempe during this recovery. These loans offer meaningful help for residents, nonprofits and businesses as we continue to advocate for additional federal relief.”

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to replace or repair machinery, real estate, inventory or other assets.

Homeowners and renters are eligible to apply for home and personal property loans up to $100,000 to replace or repair personal property, even items as large as appliances or vehicles.

Homeowners are eligible for up to $500,000 to replace or repair a damaged residence.

Applicants also have the option of increasing their loan by 20% for eligible mitigation improvements like insulated pipes, weather stripping doors and windows and other items to help protect from future disasters.

Faith-based organizations could also be eligible.

Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 3% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA in a statement.

 Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.