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Low-interest federal disaster loans are available to Texas businesses and residents affected by severe storms and tornadoes on Nov. 4, 2022.
The disaster declaration makes SBA assistance available in Bowie, Camp, Cass, Delta, Fannin, Franklin, Lamar, Marion, Morris, Red River, Titus, and Upshur counties.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. In addition, homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.305 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.313 percent for homeowners and renters with terms up to 30 years. SBA sets the loan amounts and terms based on each applicant’s financial condition.
The deadline to apply for property damage is Jan. 17, 2023. The deadline to apply for economic injury is Aug. 16, 2023.
For more information or to download an application, click the link below.
Beginning Monday, Nov. 21, 2022, SBA customer service representatives will be at Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process, and help each individual.
To find an outreach center, click the link below.
Northeast Texas SBDC is available to assist business owners with their applications. Contact our office at 903.434.8211 or email twilson@ntcc.edu to schedule an appointment or request a callback.
