The US Small Business Association announced Thursday that it is offering low-interest federal disaster loans to residents, businesses and nonprofits affected by the Oct. 20 tornado. Homeowners can receive up to $200,000 for repairs to their property, while homeowners and renters may be eligible for up to $40,000 to replace personal property. Eligible businesses and nonprofits can receive up to $2 million.
The deadline to apply for property damage claims is Jan. 13, 2020. The deadline to apply for economic injury claims is Aug. 14, 2020.
Interest rates can be as low as 3.875 percent for businesses, 2.75 percent for private nonprofit organizations and 1.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Available loans include:
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Applications can be made in person at the Disaster Loan Outreach Center at Dallas’ Bachman Lake Branch Library, 9480 Webb Chapel Rd., Dallas. SBA representatives will be on hand beginning Monday, Nov. 18, to answer questions and assist with the application process. No appointment is necessary. Hours of operation are 9 a.m.-6 p.m., Monday-Friday. The Center will be closed Nov. 28-29 due to the Thanksgiving holiday.
Applications can also be made online at https://disasterloan.sba.gov/ela. For more information, contact SBA’s Customer Service Center at 800-659-2955 or by e-mail at firstname.lastname@example.org. Individuals who are deaf or hard‑of‑hearing can call 800-877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.