NORTH TEXAS (CBSDFW.COM) — As hundreds of thousands of Texans continue with repairs from February's winter storms, the Small Business Administration (SBA) has so far approved more than $11 million in federal disaster loans for state businesses and residents.
According to director Tanya N. Garfield, the SBA has approved $266,200 for businesses and $11,144,500 for residents to help rebuild and recover from the disaster.
Businesses and residents in Texas who sustained damages are encouraged to register before the April 20, 2021, deadline with the Federal Emergency Management Agency.
"Don't miss out on any assistance you may be entitled to by not registering for help. You don't need to wait for your insurance to settle or obtain a contractor's estimate," Garfield said.
The SBA is also providing one-on-one assistance to disaster loan applicants through virtual centers at 800-659-2955, 7 a.m. to 7 p.m. Monday-Friday.
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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, 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. The deadline to apply for economic injury is Nov. 19, 2021.
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% for businesses, 2% for private nonprofit organizations and 1.25% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.
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