SBA exceeds $ 11 million in loans for Texas winter storms

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The Small Business Administration (SBA) has approved more than $ 11 million in federal disaster loans for businesses and Texas residents affected by severe winter storms last month.

Director Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West said the SBA approved $ 266,200 for businesses and $ 11,144,500 for residents to help rebuild and recover from the disaster .

Businesses and residents of Texas who have suffered damage are encouraged to register by the April 20, 2021, deadline with Federal Emergency Management Agency.

“Don’t miss out on any help you may be entitled to by not signing up for help. You don’t have to wait for your insurance to settle or get an estimate from a contractor, ”Garfield said.

The SBA continues to provide one-on-one assistance to disaster loan applicants through virtual centers at 800-659-2955, 7 a.m. to 7 p.m. Monday through Friday.

Businesses of all sizes and private non-profit organizations can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other commercial assets. The SBA can also lend additional funds to help businesses and residents meet the cost of upgrades that protect, prevent, or minimize the same type of damage from a disaster in the future.

For small businesses and most private nonprofits of all sizes, SBA offers economic disaster loans to help meet the working capital needs caused by the disaster. Aid for economic damage is available whether or not the business has suffered material damage. The deadline to submit an economic loss claim is November 19, 2021.

Disaster loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3% for businesses, 2% for private nonprofits, and 1.25% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

Applicants can apply online, receive additional information about disaster assistance, and download applications. Applicants can also call the SBA Customer Service Center at 800-659-2955 or send an email for more information on SBA Disaster Assistance.

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