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SBA Disaster News

 

SBA Disaster News Release, Deadlines Approaching in Texas for SBA Working Capital Loans Due to Adverse Weather Conditions

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Texas small nonfarm businesses of the deadline dates 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 adverse weather conditions in the following primary counties.

Declaration Number: 16116

Primary Counties: Hall, Randall, and Swisher

Neighboring Counties: Armstrong, Briscoe, Carson, Castro, Childress, Collingsworth, Cottle, Deaf Smith, Donley, Floyd, Hale, Motley, Oldham, and Potter

Incident Type: Drought

Incident Date: Beginning Aug. 20, 2019

Deadline: 5/11/2020

Declaration Number: 16123

Primary Counties: Briscoe, Castro, Jim Wells, Nueces, Refugio, San Patricio, Wichita, and Wilbarger

Neighboring Counties: Aransas, Archer, Armstrong, Baylor, Bee, Brooks, Calhoun, Clay, Deaf Smith, Donley, Duval, Floyd, Foard, Goliad, Hale, Hall, Hardeman, Kleberg, Lamb, Live Oak, Motley, Parmer, Randall, Swisher, and Victoria in Texas; and Cotton, Jackson, and Tillman in Oklahoma

Incident Type: Drought

Incident Date: Beginning Aug. 27, 2019

Deadline: 5/11/2020

Declaration Number: 16128

Primary Counties: Armstrong, Bowie, Burleson, Collin, Ellis, Fannin, Floyd, Grayson, Hunt, Jackson, Lipscomb, Matagorda and Red River

Neighboring Counties: Brazoria, Brazos, Briscoe, Calhoun, Carson, Cass, Colorado, Cooke, Crosby, Dallas, Delta, Denton, Dickens, Donley, Franklin, Gray, Hale, Hemphill, Henderson, Hill, Hopkins, Johnson, Kaufman, Lamar, Lavaca, Lee, Lubbock, Milam, Morris, Motley, Navarro, Ochiltree, Potter, Rains, Randall, Roberts, Robertson, Rockwall, Swisher, Tarrant, Titus, Van Zandt, Victoria, Washington and Wharton in Texas; Little River and Miller in Arkansas; and Beaver, Bryan, Choctaw, Ellis, Love, Marshall, and McCurtain in Oklahoma

Incident Type: Excessive moisture and flooding

Incident Date: Beginning Sept. 1, 2018

Deadline: 5/6/2020

Declaration Number: 16130

Primary Counties: Dimmit, Frio, La Salle, and Zavala

Neighboring Counties: Atascosa, Duval, Kinney, Maverick, McMullen, Medina, Uvalde, and Webb

Incident Type: Drought

Incident Date: Beginning Sept. 3, 2019

Deadline: 5/13/2020

According to Garfield, small nonfarm businesses, small agricultural cooperatives, small 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 disasters. “Use Economic Injury Disaster Loans to pay fixed debts, payroll accounts payable, and other bills that you cannot pay because of the disasters’ 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 disasters and businesses directly impacted by the disasters. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield added.

The interest rate is as low as 3.675 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. SBA sets the loan amounts and terms 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 declarations TX 16116 and TX 16123 on Sept. 9, 2019; declaration TX 16128 on Sept. 6, 2019; and declaration TX 16130 on Sept. 13, 2019.

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

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. Individuals who are deaf or hard of hearing may call (800) 877-8339. You should mail your completed applications to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.