Low interest loans available for businesses affected by March tornados
The low -interest federal disaster loan is now available to businesses and residents affected by the March 21 tornadoes.
The loans will be available after the U.S. Small Business Administration announced a disaster declaration for several counties on May 2nd.
The declaration makes the loans available to Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee , Leon, Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood and Young counties of Texas; and Bryan, Jefferson, Love and Marshall counties in Oklahoma, according to a news release.
Loans of up to $ 2 million are available for businesses and private, non-profit organizations to repair or replace damaged or destroyed land, machinery and equipment, inventory and other business assets, according to a release. in the news.
Homeowners can also receive loans of up to $ 200,000 to repair or replace damaged or damaged land, according to a news release. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or damaged personal property.
The deadline to apply for property damage is July 5. The deadline to apply for economic damage is Feb. 6, 2023.
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The SBA may also lend additional funds to businesses and homeowners to help cover the cost of repairs to protect, prevent or minimize damage that may occur in the future.
The SBA will also offer Economic Injury Disaster Loans for small businesses, small agricultural cooperatives and small businesses involved in aquaculture and most private nonprofit organizations.
Interest rates could be as low as 2.94% for businesses, 1.875% for private nonprofit organizations and 1.438% for homeowners and renters with terms of up to 30 years, according to in a news release.
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A disaster loan outreach center will open at 1 p.m. Monday at the Clay Madsen Recreation Center at 1600 Gattis School Road, in Round Rock, from 9 a.m. to 6 p.m. Monday through Friday, according to a news releases.
Disaster relief outreach centers are also located at Jack County Courthouse at 100 North Main Street, Jacksboro, and at Center Wayfinders Church located at 508 North Fifth Street, Jarrell. Both centers are open from 9 a.m. to 6 p.m.
“SBA customer service representatives are at the following center to answer questions about the SBA lending program, explain the application process and help each individual complete their electronic loan application, “said Tanya N. Garfield, Director of the U.S. Small Business Administration. Disaster Field Operations Center-West in a news release.
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Applicants can apply online, receive more disaster assistance information and download applications at disasterloanassistance.sba.gov. Completed applications must be submitted to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.
