The U.S. Small Business Administration (SBA) has announced that businesses, nonprofits, and residents in Texas affected by the Welder Complex Fire have until May 19 to apply for low-interest federal disaster loans. The fire, which occurred from March 4 to March 9, impacted counties including Aransas, Bee, Jim Wells, Live Oak, Nueces, Refugio, and San Patricio.
These loans aim to assist in repairing or replacing disaster-damaged assets. Businesses and nonprofits may apply for loans up to $2 million, covering real estate, machinery, equipment, and inventory. Homeowners can apply for up to $500,000 for primary residence repairs and for up to $100,000 for personal property, including furniture and cars.
Additionally, loan applicants might be eligible for a 20% increase for mitigation purposes, offering an opportunity to retrofit structures against future disasters. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, highlighted: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future damage.”
The Economic Injury Disaster Loan (EIDL) program also applies to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations affected by financial losses from the disaster. According to SBA regulations, the loan amounts and terms, with interest rates as low as 4% for businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters, will be based on each applicant's financial condition.
Applicants can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. The deadline for economic injury applications is December 19.
The SBA plays a crucial role in offering support and resources to small businesses, helping them to recover from disasters and encouraging resilient development through its network and partnerships.