SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved more than $3 billion in federal disaster loans for Texas businesses and residents impacted by Hurricane Harvey.
According to Garfield, SBA has approved 2,823 loans for $290,985,100 businesses and 35,582 loans for $2,713,637,800 for residents to help rebuild and recover from this terrible disaster.
SBA representatives are still available at all the federal-state Disaster Recovery Centers, SBA Business Recovery Centers and SBA Disaster Loan Outreach Centers throughout the affected areas to answer questions, explain SBA’s disaster loan program and help business owners and residents close their approved disaster loans. No appointment is necessary.
Even though the deadline to apply for a loan for property damage has passed, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size still have until May 25, 2018, to apply for an economic injury disaster loan to help meet working capital needs caused by the disaster. Economic injury assistance is available to help meet financial obligations and operating expenses which could have been met had the disaster not occurred, regardless of whether the business suffered any property damage.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Garfield added.
Business owners may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.
Interest rates can be as low as 3.305 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
To receive additional disaster assistance information, visit SBA’s website at www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information. 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.