Home and business owners now qualify for federal disaster loans after historic flooding
NORTH TEXAS (CBSDFW.COM) - If you're one of the home or business owners dealing with damage caused by last month's flooding, some new financial assistance is available.
The U.S. Small Business Administration is offering low-interest federal disaster loans to those affected between Aug. 22 and 25.
There's still a lot of people in need of assistance in more ways than one.
It's been about a month since flood waters rushed though Damon Chisenhall's southeast Dallas home, causing tens of thousands of dollars' worth of damage.
"Massive damage," he said. "We had four feet of water running through our house."
After CBS 11 met with him last week, city workers from Dallas and Balch Springs came out to see what can be done. He said while they did remove debris, they did not address the root cause of the flooding, which is Hickory Creek.
"There's too much brush," he said. "Trees. Illegal dumping as I've said before. We mentioned that we need the creek cleaned and basically we were told by one of them that they're not going to clean the creek."
So now their fight continues and so do repairs.
"We're working on it a little at a time out of pocket," he said.
For interested North Texas business and homeowners affected by the severe storms and flooding, the U.S. Small Business Association is now offering low interest federal disaster loans.
"It has been over 26 homes," representative Barbara Nitis said. "In order for it to get declared, it has to be over 26 homes."
To repair or replace real estate:
- Businesses and private non-profits can borrow up to $2 million.
- Homeowners can borrow up to $200,000.
- Up to $40,000 is available for homeowners or renters to repair or replace personal property.
- Interest rates range from 2%-3% depending on the loan with terms up to 30 years.
There will be two outreach centers in North Texas where representatives can answer questions and help with the application process.
Online applications can be completed here.
