Apply Now for SBA Recovery Loans

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Apply Now for SBA Recovery Loans

Rio Grande Valley Livestock Show flooding 2018Beginning today, July 12, Hidalgo County businesses affected by recent severe storms and flooding may apply for SBA recovery loans in person in Weslaco.

The center will offer one-on-one meetings to explain how the Small Business Administration can finance disaster recovery. Representatives will also clarify the loan application process as well as help business owners complete electronic applications.

“Due to severe property damage and economic losses these storms inflicted on Texas businesses, we want to provide every available service to help get them back on their feet,” said Tanya N. Garfield, director of SBA’s Disaster Field Operations Center – West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives and Small Business Development Center counselors will be available to meet individually with each business owner.”

About the loans

Businesses of any size as well as private, nonprofit organizations may borrow up to $2 million. The funds can be of use to repair or replace damaged or destroyed real estate, machinery and equipment in addition to inventory and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries. The deadline to apply for property damage is Sept. 4.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA also offers Economic Injury Disaster Loans to help meet working capital needs cause by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is April 8, 2019.

Eligible applicants can seek assistance at the Business Recovery Center – Hidalgo County at the Valley Metro Regional Transit Center, 510 S. Pleasantview Drive. Hours are weekdays 8 a.m. – 5 p.m.

Business owners who are unable to visit the Business Recovery Center, may also apply online using SBA’s website.

For more information, contact SBA’s Customer Service Center at 1-800-659-2955 or disastercustomerservice@sba.gov.

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