The U.S. Small Business Administration (SBA) is notifying eligible small businesses, nonprofits, and residents in Texas about the approaching June 20 deadline to apply for low-interest federal disaster loans. These loans aim to mitigate physical damage caused by thunderstorms, straight-line winds, and tornadoes that occurred on April 4.
This disaster declaration includes the Texas counties of Bowie, Camp, Cass, Marion, Morris, Red River, Titus, and Upshur.
Eligible small businesses and nonprofits can apply for business physical disaster loans up to $2 million. These funds can be used to repair or replace real estate, machinery and equipment, inventory, and other assets damaged or destroyed in the disaster.
Homeowners and renters are also eligible for loans up to $100,000 for replacing or repairing personal property such as clothing, furniture, cars, and appliances. Additionally, homeowners may borrow up to $500,000 for primary residence repairs or replacements.
Applicants might qualify for a loan increase of up to 20% of their verified physical damage from the SBA for mitigation purposes. Mitigation improvements include strengthening structures against high wind damage or installing safe rooms or storm shelters.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”
The Economic Injury Disaster Loan (EIDL) program is available for eligible small businesses, agricultural cooperatives not involved in production agriculture except aquaculture enterprises), nurseries affected by financial losses directly related to this disaster.
Interest rates are as low as 4% for small businesses; 3.625% for nonprofits; 2.75% for homeowners/renters with terms extending up until thirty years—interest accrual/payment deferred twelve months post-first disbursement date—determined based on individual applicant financial conditions
To apply online visit sba.gov/disaster or contact Customer Service Center at (800)659-2955/email:disastercustomerservice@sba.gov more info regarding assistance offered For people who have hearing/speech disabilities dial 7-1-1 telecommunications relay services access
The final date submitting applications addressing physical damages June twentieth