The U.S. Small Business Association has approved more than $32 million in federal disaster loans for Texas businesses and residents impacted by severe winter storms in mid-February.
"SBA's disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible," U.S. Business Association director Tanya N. Garfield said.
Garfield says that $1,415,900 for businesses and $30,663,500 for residents have been approved to help with recent storm relief, recovery, and future provision.
Businesses and nonprofits are eligible for up to $2 million to repair or replace damaged real estate, machinery, and equipment, inventory, etc.
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Homeowners and renters are eligible for up to $200,000 to repair or replace damaged or destroyed property.
"Don't miss out on any assistance you may be entitled to by not registering for help. You don't need to wait for your insurance to settle or obtain a contractor's estimate," Garfield said.
Interest rates could be as low as 3% for businesses, 2% for non-profits, and 1.25% for homeowners, and terms are available for up to 30 years. It will be decided on by SBA and their assessment of individual's financial situations.
Individuals who seek to apply by the April 20 deadline online here or 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 can be sent to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Regardless of if a business underwent property damage, economic injury assistance could be available, and applicants can complete the application before the deadline on Nov. 19.
To find out which Texas counties have access to property damage and economic injury loans click here.