Low-interest federal disaster loans are available to Texas businesses and residents affected by Hurricane Hanna July 25-28. The U.S. Small Business Administration declared a disaster and is making assistance available in Brooks, Cameron, Hidalgo, Kenedy, Starr and Willacy counties. This is in response to a request SBA received from Gov. Greg Abbott on Aug. 28.
“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 Tanya N. Garfield, director of SBA’s Disaster Field Operations Center – West.
“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 SBA Administrator Jovita Carranza. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
Virtual Centers Open Daily
In consideration of the public health concerns, SBA now has a Virtual Business Recovery Center to provide personalized assistance to business owners. In addition, SBA has also opened a Virtual Disaster Loan Outreach Center to help homeowners and renters. Customer service representatives will be available to both business owners and individuals to answer questions about SBA’s disaster loan program. They can also explain the application process and help each person complete their electronic loan application.
The Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center are open daily from 8 a.m. – 8 p.m. EDT. Services are also available by calling 800-659-2955 or emailing FOCWAssistance@sba.gov.
These services are only available for disaster declaration as a result of Hurricane Hanna only.
About the Loans
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.
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 further help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as three percent for businesses and 2.75 percent for private nonprofit organizations. Homeowners and renters may see rates as low as 1.25 percent, also with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The deadline to apply for property damage from Hurricane Hanna is Oct. 30 while the deadline to apply for economic injury is June 1, 2021.
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 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call 800-877-8339.
Mail complete applications to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.