(KETK) — Businesses of all sizes and nonprofit organizations affected by severe storms and tornadoes on March 21, may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Five disaster loan outreach centers are opening in Texas, three of which are in East Texas, the U.S. Small Business Administration’s Disaster Field Operations Center-West announced Tuesday.
SBA can lend additional funds to businesses and homeowners to aid in the cost of improvements to protect the business in the event of the same type of disaster damage, or minimize the damage in the future.
For most small businesses in agriculture, aquaculture and private nonprofit organizations, SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
For homeowners, SBA will loan up to $200,000 to repair or replace damaged or destroyed real estate, according to SBA. To replace or repair personal property, homeowners and renters are eligible for up to $40,000, SBA said.
According to SBA, interest rates on the loans have a minimum of 2.94% for businesses, 1.875% for private nonprofits and 1.438% for homeowners and renters with terms up to 30 years. The amounts and terms are set by SBA based on the applicants’ financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications here. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email email@example.com for more information on SBA disaster assistance.
For people who are deaf, hard of hearing or have a speech disability, please dial 711 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, Texas 76155.
The centers will be open on the days and times indicated below, and no appointment is necessary, according to the release.
The deadline to apply for property damage is July 5, 2022. The deadline to apply for economic injury is Feb. 6, 2023.
“SBA customer service representatives will be on hand at the following centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” said Director Tanya N. Garfield.
East Texas Locations
Crockett Civic Center – Crockett Economic & Industrial Development Board Room
1100 Edmiston Drive Crockett, Texas 75835
Opens 9 a.m. Friday, May 13 – Mondays through Fridays 9 a.m. to 6 p.m.
Closes 6 p.m. Thursday, May 26
Cushing Volunteer Fire Department
783 Walnut Avenue Cushing, Texas 75760
Opens 9 a.m. Thursday, May 12 – Mondays through Fridays 9 a.m. to 5:30 p.m.
Closes 5:30 p.m. Thursday, May 26
Upshur County Courthouse – Old Commissioners Meeting Room – Third Floor
100 West Tyler Street Gilmer, Texas 75644
Opens 8:30 a.m. Friday, May 13 – Mondays through Fridays 8:30 a.m. to 5 p.m.
Closes at 5 p.m., Thursday, May 26