Deadline approaching in Texas for SBA disaster loans for property damage due to severe storms and tornadoes

TEXAS (KXII) - Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West reminded Texas businesses and residents of the Jan. 17, 2023, deadline to apply for an SBA federal disaster loan for property damage caused by the severe storms and tornadoes in Lamar and Morris counties that began Nov. 4, 2022.

According to Garfield, businesses of all sizes, most private nonprofit organizations, homeowners and renters may apply for SBA federal disaster loans to repair or replace disaster damaged property. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

These low-interest federal disaster loans are available in Bowie, Camp, Cass, Delta, Fannin, Franklin, Lamar, Marion, Morris, Red River, Titus and Upshur counties in Texas; and Bryan and Choctaw counties in Oklahoma, according the SBA press release.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

In addition, SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster, the press release states. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is Aug. 16, 2023.

According to the press release, disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.305 percent for businesses, 2.375 percent for private nonprofit organizations and 2.313 percent for homeowners and renters with terms up to 30 years, the press release states. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on 1 | Page SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.