Disaster Loans Available for Small Business Owners in DFW
The Small Business Administration is offering low-interest disaster loans to Texans affected by the recent severe weather.
Wednesday, the SBA will open centers for processing the loan applications in Dallas, Tarrant and Kaufman counties.
Homeowners are eligible for loans of up to $200,000 at an interest rate below two percent. Renters can borrow up to $40,000 for repairs and businesses may borrow up to $2 million for repairs.
The SBA’s Gary Colton says it helps if applicants gather some information before a representative visit their properties.
Colton: If they can take pictures of the damage so they have that to document what actually occurred. And also any receipts for things they have done to repair it. At some point they’ll ask for that information. The most important is to get the application started and get it into processing.
Applications can be filed online, in person or over the phone. According to a press release, SBA representatives will be on hand at the following Disaster Loan Outreach Centers to issue loan applications and answer questions:
Dallas County: Regions Bank Building, 1425 North Dallas Avenue in Lancaster. Opens Wednesday, April 18 at noon. Monday through Friday, 8 a.m. to 4:30 p.m.
Kaufman County: Forney Police Department, 110 Justice Center Drive in Forney. Opens Wednesday, April 18 at noon. Monday through Friday, 8 a.m. to 4:30 p.m.
Tarrant County: Kennedale Chamber of Commerce, 205 W. Kennedale Parkway (in Town Center). Opens Wednesday, April 18 at noon. Monday through Friday, 9 a.m. to 4:30 pm.
More information from the release, including how to apply online, is below:
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size 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 homeowners and businesses to help with the cost of making improvements that 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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 1.875 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing firstname.lastname@example.org or visiting SBA’s Web site at http://www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
The filing deadline to return applications for property damage is June 18, 2012The deadline to return economic injury applications is January 17, 2013.
For more information, visit SBA’s Web site at www.sba.gov.