Federal low-interest loans available for storm recovery
SBA opening in-person application assistance Monday
More help is on the way for individuals and businesses trying to rebuild after devastating storms ripped through the region in early November.
The U.S. Small Business Administration on Thursday announced the availability of low-interest federal disaster loans for those affected by the Nov. 4 tornadoes. The assistance comes in response to Texas Gov. Greg Abbott’s request Tuesday for a federal disaster declaration for Northeast Texas.
The federal declaration makes SBA assistance available in Bowie, Camp, Cass, Delta, Fannin, Franklin, Lamar, Marion, Morris, Red River, Titus and Upshur counties in Texas; and Bryan
and Choctaw counties in Oklahoma.
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.
“SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future,” the SBA said in a news release.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, 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.
Homeowners and renters also can tap into the federal aid.
“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,” the news release states.
Interest rates can be as low as 3.305% for businesses, 2.375% for private nonprofit organizations and 2.313% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Cass County Judge Travis Ransom, who reports at least seven storm-damaged businesses in the county, said the SBA loans “can be of significant value,” considering current interest rates.
To help affected residents access the assistance, the SBA is opening Disaster Loan Outreach Centers starting Monday. SBA customer service representatives will be on hand to answer questions about the loan program and help each individual complete the application. No appointment is necessary.
The Outreach Center schedule is —
BOWIE COUNTY
New Boston Community Center, 301 NE Front St., New Boston, Texas 9 a.m. to 6 p.m., Monday-friday Closed for Thanksgiving (Nov. 24-25)
CASS COUNTY
Hughes Springs Community Center, 902 E. First St., Hughes Springs, Texas
9 a.m. to 6 p.m. Monday-friday Closed for Thanksgiving (Nov. 24-25)
LAMAR COUNTY
Red Cross Building, 2673 N. Main St., Paris, Texas
10 a.m. to 7 p.m. Monday-friday 2 p.m. closure on Wednesday, Nov. 23
Closed for Thanksgiving (Nov. 24-25)
MORRIS COUNTY
Morris County Courthouse Annex,
502 Union St., Daingerfield, Texas
9 a.m. to 6 p.m., Monday-friday Closed for Thanksgiving (Nov. 24-25)
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba. gov. Applicants may also call SBA’S Customer Service Center at 800-6592955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Applicants who are deaf, hard of hearing or have a speech disability should 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, TX 76155.
The deadline to apply for property damage is Jan. 17, 2023. The deadline to apply for economic injury is Aug. 16, 2023.
In Texas, the federal assistance will complement disaster aid through the Texas Division of Emergency Management.
“Texas will continue providing every resource necessary to help Texans in the region get back on their feet after these recent storms,” the governor said.
Abbott submitted his declaration following the completion of damage assessments by local, state and federal officials, as well as a review of damage assessment information provided by Texans utilizing the Individual State of Texas Assessment Tool at damage.tdem.texas.gov.
In Oklahoma, Gov. Kevin Stitt issued a 30-day executive order to continue marshalling state resources that started the day of the storm.
“The State Emergency Operations Plan was activated on November 4, 2022, and resources of all State departments and agencies available to meet this emergency are hereby committed to the reasonable extent necessary to protect lives and to prevent, minimize, and repair injury and damage,” the order states.
Gov. Abbott said the SBA’S disaster declaration and aid bring storm-affected residents “one step closer to recovery.”
“Northeast Texas residents and business owners will now have access to critical financial support as they rebuild, repair, and recover from the physical damage and economic injury caused by this storm system,” the governor said Friday.