SBA offers low-interest loans to North Texas businesses and homeowners affected by August floods
FORT WORTH, TX – The Small Business Administration is offering low-interest loans to North Texas businesses and homeowners facing severe flood damage in August.
The SBA issued a disaster declaration after a request from Governor Greg Abbott earlier this week.
You can hear the devastation in Miriam Clouse’s voice as she watched floodwaters rush into her home east of Fort Worth. She was in the front yard on August 22 when she recorded a video on her mobile phone.
Her husband, Jimmy Clouse, was stuck in the garden. He frantically tried to shovel water away from the back door, but was unsuccessful.
Their whole house is now empty. But to do the expensive repairs, he’s going to need a loan.
“With everything there was $83,000 in damage,” he said.
Jimmy is one of several North Texas residents the SBA wants to meet starting next week.
Spokeswoman Barbara Nitis said the SBA is prepared to offer up to $200,000 to landlords for physical damage, up to $40,000 to landlords and renters for damage to personal effects and up to 2 millions of dollars to businesses and non-profit organizations that have suffered property damage or economic loss.
“We provide disaster assistance to businesses of all sizes: landlords, tenants, non-profits, including places of worship,” she said.
RELATED: Dallas County hopes to get approval for low-interest SBA loans to help flood-affected people
The damage must have occurred between August 22 and August 25.
Nitis explains why the SBA offers low-interest loans rather than FEMA stepping in to offer help.
“If it was multiple counties and a larger source, that’s why it wasn’t declared FEMA,” she said.
Nitis says their goal is to help those who are uninsured or underinsured, like the Clouse family, who didn’t have flood insurance at the time.
“Unfortunately we had an emergency fund. But not an $83,000 emergency fund,” Jimmy said.
There will be two officers in Dallas and Balch Springs. They open Mondays at 9 a.m.