Deadline Approaches in Texas for SBA Working Capital Loans | KWKT
SACRAMENTO, Calif. (FOX 44) — Many central Texas counties are among the 36 counties eligible to apply for a federal SBA disaster loan for economic harm.
Director Tanya N. Garfield of the US Small Business Administration’s Disaster Field Operations Center-West reminded small, nonfarm businesses in these Texas counties of the July 5 deadline to apply.
These low-interest loans are to offset economic losses due to reduced income caused by excessive humidity in Texas counties that occurred from January 1 to July 31, 2021.
The main counties are: Calhoun, Colorado, Delta, Falls, Floyd, Hopkins and Victoria.
Neighboring counties are: Aransas, Austin, Bell, Briscoe, Crosby, Dewitt, Dickens, Fannin, Fayette, Franklin, Goliad, Hale, Hunt, Jackson, Lamar, Lavaca, Limestone, Lubbock, Matagorda, McLennan, Milam, Motley, Rains , Red River, Refugio, Robertson, Swisher, Wharton and Wood.
According to Garfield, small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of any size can apply for economic disaster loans of up to $2 million. to help meet working capital needs caused by the disaster.
The interest rate is three percent for corporations and two percent for private non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on November 2, 2021.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at https://disasterloanassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email Disastercustomerservice@sba.gov for more information on disaster assistance.
For people who are deaf, hard of hearing or have a speech impediment, they can dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX, 76155.