Deadline For Hanna Disaster Loans Approaches

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Deadline For Hanna Disaster Loans Approaches

Hurricane HannaRGV-area businesses and residents who received property damage July 25-28 from Hurricane Hanna have until Oct. 30 to apply for an SBA federal disaster loan. The low-interest federal disaster loans are available in Brooks, Cameron, Hidalgo, Kenedy, Starr and Willacy counties.

According to Tanya N. Garfield, director of the U.S. Small Business Administration’s Disaster Field Operations Center-West, various entities may apply for the loans. This includes businesses of all sizes, most private nonprofit organizations, homeowners and renters.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million. Funds may help repair or replace real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

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.

Interest rates can be as low as three percent for businesses, 2.75 percent for private nonprofit organizations and 1.25 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

In addition, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. These are available to to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is June 1, 2021.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov. Applicants may also contact SBA’s Customer Service Center at 800-659-2955 or disastercustomerservice@sba.gov for more information. Individuals who are deaf or hard‑of‑hearing may call 800-877-8339.

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