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SBA offering loans to victims of Harvey

 

SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to businesses and residents in Polk County as a result of President Trump's major disaster declaration, U.S. Small Business Administration's Administrator Linda McMahon announced. The declaration covers the counties included in the disaster declaration issued as a result of Hurricane Harvey that began on Aug. 23. "SBA is strongly committed to providing Texas with the most effective and customerfocused response possible and with access to federal disaster loans to help Texas businesses and residents affected by this disaster," said McMahon. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA." Businesses of all sizes 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. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage. Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, including vehicles. Interest rates can be as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations and 1.75 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition. To be considered for all forms of disaster assistance, survivors must first call the Federal Emergency Management Agency at (800) 621- FEMA (3362). As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955. The SBA recommends that homeowners and renters submit an application, even if they are not sure if they will need or want a loan. If SBA cannot approve an application, in most cases they refer the applicant to FEMA's Other Needs Assistance (ONA) program for possible additional help. There are three ways to submit an SBA application, including online at https:// disasterloan.sba.gov/ela . Applicants also may apply in person at any Disaster Recovery Center or they can apply by mail by sending the completed application to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155. At press time, the closest Disaster Recovery Centers include the Friendship Center, 31355 Friendship Drive in Magnolia, the George R. Brown Convention Center, 1001 Avenida De Las Americas, in Houston and the University of Houston -- Small Business Development Center Region Office, 2302 Fannin Street, Suite 200, in Houston.

 

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