Disaster Assistance for South Texas Businesses and Residents Affected by Severe April Storms

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SACRAMENTO, Calif. – Low-interest federal disaster loans are available to businesses and Texans affected by the severe storms, thunderstorms, large hail and straight-line winds that occurred on April 28, it announced Administrator Isabella Casillas Guzmán from the US Small Business Administration. The SBA acted on its own authority to declare a disaster in response to a request SBA received from Governor Greg Abbott on May 19.

The disaster declaration makes SBA assistance available in Brooks, Cameron, Hidalgo, Kenedy, Starr and Willacy counties.

“SBA’s mission-driven team stands ready to help small businesses and Texans affected by severe storms, thunderstorms, large hail and straight-line winds,” said Administrator Guzmán. “We are committed to providing federal disaster loans quickly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

“Low-interest federal disaster loans are available to businesses of all sizes, most private non-profit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said the director of the SBA, Tanya N. Garfield, US Small Business Administration Disaster Field Operations, Midwest. “In a few days, the SBA will announce the opening of Disaster Loan Assistance Centers where SBA disaster representatives will be available to answer questions about the SBA disaster loan program, explain the application process, and help each individual complete their application,” Garfield added.

Businesses of all sizes and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may 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 that will occur in the future.

For small businesses, small farm cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, the SBA offers Economic Injury Disaster Loans to help meet the capital needs of work caused by the disaster. Economic damage assistance is available regardless of whether the business suffered any property damage.

Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real property. Homeowners and renters are eligible to receive up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.375 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants can apply online, receive additional information on disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or send an email distresscustomerservice@sba.gov for more information on SBA disaster assistance. People who are deaf, hard of hearing, or speech impaired should dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to the US Small Business Administration Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to request property damages is July 21, 2023. The deadline to request economic damages is February 22, 2024.

Recently, US SBA Administrator Isabella Casillas Guzmán announced a policy change granting 12 months without payments and 0% interest. This applies to all disaster loans approved in response to disasters declared on or after September 21, 2022 through September 30, 2023. This policy change will benefit disaster survivors and help them lower the overall cost of recovery by reducing the amount of accrued interest. they must pay. Details are available through the SBA Disaster Assistance Customer Service Center at (800) 659-2955. The speech or hearing impaired may dial 7-1-1 to access telecommunications relay services from 8:00 am to 8:00 pm Eastern time, Monday through Friday, or send an email to : distresscustomerservice@sba.gov.

About the US Small Business Administration

The US Small Business Administration helps advance the American dream of business ownership. As the only go-to voice and resource for small businesses backed by the strength of the federal government, the SBA empowers small business owners and entrepreneurs with the resources and support they need to start, grow, expand, or recover their businesses. of a declared loss. disaster. It provides services through an extensive network of local SBA offices and partnerships with public and private organizations. For more information, visit www.sba.gov.

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