The U.S. Small Business Administration issued a disaster declaration in Dallas and surrounding counties as a result of severe storms and flooding in August.
Gov. Greg Abbott signed a disaster declaration for 23 counties after near-record flooding. Now North Texas businesses impacted by the storms on Aug. 22 through Aug. 25 can apply for low-interest loans to help with recovery.
For businesses and nonprofits, there are two options. One loan covers property damage (like real estate, equipment or inventory) the other covers economic injury (helping pay obligations until normal operations resume) and the maximum is $2 million dollars.
"They can recover their losses with this working capital loan so that's the reason why we're accommodating that, because if your business was closed during that time period or anything that suffered they can get that," said Barbara Nitis with the SBA's Office of Disaster Assistance.
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The loans aren't just for small businesses. There is also help for homeowners and renters.
Homeowners can apply for up to $200,000 to repair and replace real estate damage and up to $40,000 to replace personal property. Renters can apply for up to $40,000 to repair or replace personal property.
Starting Sept. 19 the SBA will open two Disaster Loan Outreach Centers in Dallas County, one at the Samuell-Grand Recreation Center and the other at the Balch Springs Recreation Department.
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Samuell-Grand Recreation Center
6200 East Grand Ave.
Dallas, TX 75223
Mondays to Fridays, 9 a.m. - 6 p.m.
Balch Springs Recreation Department
4372 Shepherd Lane
Balch Springs, TX 75180
Mondays to Fridays, 9 a.m. - 6 p.m.
The deadline for physical damage is November 14, 2022. The Economic Injury Disaster Loan deadline is June 14, 2023.
Applicants may apply online, receive additional disaster assistance information and download applications at https://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.
