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SBA Economic Injury Disaster Loans Available To Texas Small Businesses

 

SACRAMENTO, Calif.: Small nonfarm businesses in 61 Texas counties and a neighboring county in Oklahoma are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans offset economic losses because of reduced revenues caused by the 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: Atascosa, Bandera, Bastrop, Bell, Brazos, Brown, Burnet, Calhoun, Coke, Coleman, Collins, 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;

“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,” Garfield said.

Small nonfarm businesses, agricultural cooperatives, businesses engaged in aquaculture, and most private nonprofit organizations of any size may qualify. The Economic Injury Disaster Loans are up to $2 million for financial obligations and operating expenses not accomplished because of the disaster.

“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3 percent for businesses and 2 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 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. 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. Individuals who are deaf or hard of hearing may call (800) 877-8339. It would be best if you mailed completed applications to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for economic injury is Dec. 23, 2021.