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 mitigate economic losses due to adverse weather conditions.
Two disaster declarations have been made, covering several counties in Texas. Declaration 20929 includes Bee, Kleberg, and Live Oak as primary counties with excessive rain and moisture from July 10-29, 2024. Neighboring counties are also included. Declaration 20930 covers Bailey, Castro, Childress, and other counties affected by excessive heat and high winds from June 1 to October 31, 2024.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated: “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 impacted small businesses and nonprofits.
The Economic Injury Disaster Loan (EIDL) program offers up to $2 million in loans with interest rates as low as 4% for small businesses and 3.25% for PNPs. The terms can extend up to 30 years with payments deferred for a year after disbursement.
Interested applicants should visit sba.gov/disaster or contact SBA’s Customer Service Center for more information. The deadline for submitting loan applications is August 19.