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SBA Economic Injury Disaster Loans Available To Some Texas Small Businesses

Small nonfarm businesses in the following counties are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by drought in the following primary counties in Texas, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.

Declaration Number: 17294

Primary Counties: Camp, Franklin, Hopkins, Knox, Titus, Upshur, and Wood

Neighboring Counties: Baylor, Delta, Foard, Gregg, Harrison, Haskell, Hunt, King, Marion, Morris, Rains, Red River, Smith, Stonewall, Throckmorton, and Van Zandt

Incident Type: Drought

Incident Date: Beginning Oct. 26, 2021

Deadline: 8/22/22

 

Declaration Number: 17295

Primary Counties: Fisher, Jones, and Scurry

Neighboring Counties: Borden, Callahan, Garza, Haskell, Kent, Mitchell, Nolan, Shackelford, Stonewall, and Taylor

Incident Type: Drought

Incident Date: Beginning Oct. 19, 2021

Deadline: 8/15/22

“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,” Garfield said.

Small nonfarm businesses, agricultural cooperatives, businesses engaged in aquaculture, and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans. The amount is up to $2 million to help meet financial obligations and operating expenses which were possible had the disasters not occurred.

“Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage. In addition, these loans have an interest rate as low as 2.830 percent for businesses and 1.875 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.

By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster. Accordingly, the Secretary declared the declaration 17294 on Dec. 20, 2021, and 17295 on Dec. 13, 2021.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Instead, 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. In addition, deaf or hard-of-hearing individuals may call (800) 877-8339. Finally, you mail your completed applications to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.