The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Texas of the approaching deadline to apply for federal disaster loans. These loans aim to offset economic losses caused by adverse weather conditions.
The SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible entities affected by specific incidents. The declaration covers several counties in Texas, including Willacy, Coryell, Delta, Grayson, Hill, Coleman, and Lamar. Neighboring counties in Texas and Oklahoma are also included under different incident types such as drought, excessive heat, high winds, excessive moisture, flash floods, hail, and high winds during various periods in 2024.
According to Chris Stallings from the SBA's Office of Disaster Recovery and Resilience: "Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover." He added that they are pleased to offer loans to those impacted by these disasters.
The EIDLs can be used for working capital needs caused by the disaster even if no physical damage occurred. The loans can cover fixed debts, payrolls, accounts payable, and other bills not paid due to the 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 up to 30 years.
Applications must be submitted online or through contact with SBA’s Customer Service Center before June 23.