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Deadline For SBA Working Capital Loans Due To Weather Conditions

 

Today, Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West reminded small nonfarm businesses in 61 Texas counties and a neighboring county in Oklahoma of the Dec 23, 2021, deadline to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset financial losses because of reduced revenues caused by a winter storm, blizzard, snow, ice, and high winds in the following primary counties that occurred Feb 10, 19, 2021.

Primary Texas counties: Bexar, Burleson, Cameron, Comanche, Concho, Fannin, Fisher, Jackson, Menard, Nolan, Runnels, Willacy, and Williamson.

Neighboring Texas counties are Atascosa, Bandera, Bastrop, Bell, Brazos, Brown, Burnet, Calhoun, Coke, Coleman, Collin County, Colorado, Comal, Delta, Eastland, Erath, Grayson, Guadalupe, Hamilton, Hidalgo, Hunt, Jones, Kendall, Kenedy, Kent, Kimble, Lamar, Lavaca, Lee, Mason, Matagorda, McCulloch, Medina, Milam, Mills, Mitchell, Robertson, Schleicher, Scurry, Stonewall, Sutton, Taylor, Tom Green, Travis, Victoria, Washington, Wharton, and Wilson.

Neighboring Oklahoma county: Bryan.

According to Garfield, small nonfarm businesses, agricultural cooperatives, businesses engaged in aquaculture, and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. You can use “Economic Injury Disaster Loans” to pay fixed debts, payroll, accounts payable, and other bills that you cannot pay because of the disaster’s impact,” said Garfield.

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield added.

The interest rate is three percent for businesses and two percent for private nonprofit organizations with terms up to 30 years. The SBA sets the amounts and duration of the loan based on each applicant’s financial condition.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Apr 23, 2021.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. However, agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.

Applicants may apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. In addition, deaf or hard-of-hearing individuals may call (800) 877-8339. Finally, you mail completed applications to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.