The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Texas about the approaching deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by Hurricane Beryl, which occurred from July 5-9, 2024. The deadline for applications is April 14, 2025.
The disaster declaration encompasses numerous counties across Texas, including Angelina, Austin, Bowie, Brazoria, Calhoun, Cass, Chambers, Cherokee, Colorado, Fayette, Fort Bend, Galveston, Grimes, Hardin, Harris, Houston, Jackson, Jasper, Jefferson, Lavaca, Liberty, Madison, Matagorda and others. It also includes areas in Arkansas such as Little River and Miller counties; Louisiana parishes like Calcasieu and Cameron; and McCurtain County in Oklahoma.
Through this declaration under the SBA’s Economic Injury Disaster Loan (EIDL) program small businesses along with small agricultural cooperatives and nurseries can apply for financial assistance if they have experienced losses directly related to the hurricane. However agricultural producers farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
These EIDLs are designed to address working capital needs resulting from the disaster even if there was no physical damage sustained by the business or organization. The funds may be used for various operational expenses including fixed debts payroll accounts payable and other bills that could not be paid due to the disaster.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster which is crucial for their recovery," stated Chris Stallings associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs over terms extending up to 30 years. Interest does not begin accruing nor are payments required until one year following the initial loan disbursement date. Loan amounts along with terms are determined based on each applicant's financial condition.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For those who are deaf hard of hearing or have speech disabilities telecommunications relay services can be accessed by dialing 7-1-1.
Completed loan applications must be submitted no later than April 14 2025.