SBA offers disaster assistance
Special to the News-Standard
SACRAMENTO — Low-interest federal disaster loans are available to Texas businesses and residents affected by the severe storms and tornadoes that occurred on March 21, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration.
SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Greg Abbott on May 2.
The disaster declaration makes SBA assistance available in Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee, Leon, Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood and Young counties in Texas; and Bryan, Jefferson, Love and Marshall counties in Oklahoma.
“SBA’s mission-driven team stands ready to help Texas’s small businesses and residents impacted by the severe storms and tornadoes,” Guzman said. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “Beginning Monday, May 9, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application.”
The centers will be open on the days and times indicated below. No appointment is necessary. Additional locations will be announced in the coming days.
•Jack County, Disaster Loan Outreach Center, Jack County Courthouse, 100 N. Main St., Jacksboro.
The center opened Monday, opened and the Courthouse is open from 8:30 a.m.-5 p.m. Monday-Friday.
•Williamson County, Disaster Loan Outreach Center, Wayfinders Church, 508 N. Fifth St., Jarrell.
The center opened Monday, and the Courthouse is open from 9 a.m.-6 p.m. Monday-Friday.
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 regardless of whether the business suffered 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.
Interest rates can be as low as 2.94 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 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.
The deadline to apply for property damage is July 5. The deadline to apply for economic injury is Feb. 6, 2023.