A bit of good news has arrived for business owners, homeowners, and renters affected by the Oct. 20 tornado — the Small Business Administration announced Thursday that it had issued its own disaster declaration, clearing the way for businesses to apply for low-interest federal disaster loans.
Acting SBA administrator Christopher M. Pilkerton said the declaration was in response to a request from Texas Gov. Greg Abbott earlier in the week.
The disaster declaration makes SBA assistance available in Collin, Dallas, Denton, Ellis, Kaufman, Rockwell, and Tarrant counties.
“SBA is strongly committed to providing Texas with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster,” said Pilkerton. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “Beginning Monday, Nov. 18, SBA representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Garfield continued. The center will be open on the days and times indicated below until further notice. No appointment is necessary.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed property, machinery, equipment, inventory, and other assets. The SBA can also lend additional funds to help with the cost of improvements to prevent or minimize damage from any future tornadoes, too.
In addition, disaster loans up to $200,000 are available to homeowners to repair or replace damaged homes, and homeowners and renters are eligible for up to $40,000 to repair or replace damaged personal property.
Interest rates can be as low as 3.875% for businesses, 2.75% for private nonprofits, and 1.5% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are based on each applicant’s financial situation.
Congressman Colin Allred (TX-32), whose district was impacted by the storms, welcomed the news.
“It’s important that North Texans know all the resources available to them as our community recovers from the October 20 storm that caused so much damage across our region,” said Allred. “My office is here as a resource to provide assistance as the recovery process continues. North Texans can call (972) 972-7949 for information, resources and help navigating the SBA.”
The SBA will open its Disaster Loan Outreach Center Monday, November 18 at the Bachman Lake Branch Library at 9480 Webb Chapel Road. It will be open from 9 a.m. to 6 p.m. Monday through Friday, with the exception of Thanksgiving, when it will be closed Nov. 28 and 29.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected](link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. 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. 13, 2020. The deadline to apply for economic injury is Aug. 14, 2020.