The U.S. Small Business Administration (SBA) is notifying private nonprofit organizations in Texas of the approaching deadline of May 21 to apply for federal disaster loans following Hurricane Beryl, which took place from July 5-9, 2024. The hurricane affected multiple counties across Texas including Angelina, Austin, Brazoria, Calhoun, Chambers, Colorado, Fort Bend, Galveston, Hardin, Harris, Jackson, Jasper, Liberty, Matagorda, Montgomery, Nacogdoches, Newton, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, Walker, Waller, Washington, and Wharton.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers financial assistance to private nonprofits providing non-critical services with economic injury resulting from the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, and educational institutions, among others. These loans can be used for working capital needs such as paying fixed debts, payroll, and accounts payable.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, underscored the significance of these loans, stating, "SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery. 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."
The loan amount may reach $2 million, with interest rates as low as 3.25% and terms extending up to 30 years. "Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement," according to the SBA. The determination of loan amounts and terms depends on the financial condition of each applicant.
Applications can be submitted online at sba.gov/disaster, while further details can be obtained by contacting SBA’s Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov. Telecommunications relay services are available for those with hearing or speech impairments by dialing 7-1-1.
The SBA continues to support business owners through its extensive network, offering resources to start, grow, and recover from declared disasters. More information is accessible via www.sba.gov.
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