Small Business Association Offering Low-Interest Disaster Loans

Posted by On April 07, 2016 0 Comment

The Small Business Association (SBA) has acted under its own authority to declare a disaster following the denial of the state’s appeal for a major disaster declaration for individual assistance, and is now offering low-interest federal disaster loans.

The disaster declaration for the Dec. 26, 2015 tornado makes SBA assistance available in Collin, Dallas, Denton, Ellis, Fannin, Grayson, Henderson, Hill, Hunt, Johnson Kaufman, Navarro, Rains, Rockwall, Smith, Tarrant, Van Zandt and Wood counties.

  • Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed.  * 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.
  • Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
  • SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 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.
Apply online at https://disasterloan.sba.gov/ela.

Beginning Monday, April 4, 2016, SBA representatives will be on hand at the Dallas/Rockwall County Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application.

SBA’s Dallas/Rockwall County Disaster Loan Outreach Center
Church in the City Relief Center
6005 Dalrock Rd
Rowlett, TX 75088
Open April 4 through mid-April
Monday – Friday, 9 am. – 6 p.m.

Contact – 800-659-2955 [email protected]

Additional tornado recovery information is available on the City of Garland’s 2015 Tornado Information web page.

 

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