FEDERAL DISASTER LOANS AVAILABLE FOLLOWING SEVERE WEATHER
The U.S. Small Business Administration (SBA) is offering assistance for businesses and residents affected by the severe storms and flooding that began on April 26th and have continued since then.
in Brenham after storms on May 16th.
(courtesy photo)
The SBA says low-interest federal disaster loans are available for applicants in 58 counties, including Washington, Austin, Grimes and Waller counties.
Businesses of all sizes and 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. There are also economic injury disaster loans available to help meet working capital needs caused by the disaster, regardless of whether the business suffered any property damage.
Loans may be used to pay fixed debts, payroll, accounts payable or other bills that cannot be paid because of the disaster’s impact.
In addition, disaster loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, which includes personal vehicles.
Loan terms of up to 30 years are available. Loan repayment – as well as interest accrual – begins 12 months from the date of the first disbursement.
The deadline to apply for loans to cover physical damage is Tuesday, July 16th. The deadline to apply for economic injury is Tuesday, February 18, 2025.
Applications and more information are available at www.sba.gov/disaster.