Low-interest federal disaster loans are now available to business and residents affected by the March 21 tornados.
The loans are available after the U.S. Small Business Administration announced a disaster declaration for several counties on May 2.
The declaration makes loans available in Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee, Leon, Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood and Young counties in Texas; and Bryan, Jefferson, Love and Marshall counties in Oklahoma, according to a news release.
Loans of up to $2 million are available for businesses and private, non-profit organizations to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to a news release.
Homeowners can also receive loans of up to $200,000 to repair or replace damaged or destroyed real estate, according to a news release. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
The deadline to apply for property damage is July 5. The deadline to apply for economic injury is Feb. 6, 2023.
SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize damage occurring in the future.
SBA will also offer Economic Injury Disaster Loans for small businesses, small agricultural cooperatives and small businesses engaged in aquaculture and most private nonprofit organizations.
Interest rates can be as low as 2.94% for businesses, 1.875% for private nonprofit organizations and 1.438% for homeowners and renters with terms up to 30 years, according to a news release.
A disaster loan outreach center will open at 1 p.m. on Monday at the Clay Madsen Recreation Center at 1600 Gattis School Road, in Round Rock, from 9 a.m. to 6 p.m. Monday through Friday, according to a news release.
Disaster loan outreach centers are also available at Jack County Courthouse at 100 North Main Street, Jacksboro, and at Center Wayfinders Church located at 508 North Fifth Street, Jarrell. Both centers are open from 9 a.m. to 6 p.m.
“SBA customer service representatives will be on hand at the following center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” said Tanya N. Garfield, Director of the U.S. Small Business Administration’s Disaster Field Operations Center-West in a news release.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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.