SBA Harvey Disaster Loans available for Businesses & Homeowners in the Houston area
Aug 28, 2017, 4:09pm CDT from the SBA
The federal government has made low interest loans available to small businesses and homeowners in the Houston area and around some parts of Texas following the destruction caused by Harvey.
The U.S. Small Business Administration activated its disaster loan program Aug. 26 for 18 counties in Texas following President Donald Trump’s major disaster declaration, according to a release. Businesses can borrow loans of up to $2 million.
Linda McMahon is head of the U.S. Small Business Administration.
The loans are often available after U.S. natural disasters. Last year, the SBA approved more than 25,000 disaster loans worth around $1.4 billion, according to an SBA financial report.
Harvey is responsible for one of the worst flood disasters in U.S. history, and has already caused several deaths, thousands of evacuations and an unknown amount of damage to businesses.
“SBA is strongly committed to providing Texas with the most effective and customer-focused response possible and with access to federal disaster loans to help Texas businesses and residents affected by this disaster,” Administrator Linda McMahon said in the release.
Businesses of all sizes and private nonprofit organizations may borrow loans to replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, per the release. Loans are also available to help with improvements to protect future damage.
Disaster loans up to $200,000 are also available to homeowners, per the release. In addition, homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates start at 3.3 percent for businesses and 2.5 percent for nonprofit organizations
To receive a loan, owners must call the Federal Emergency Management Agency at 800-621-3362. SBA is planning to give one-on-one help to disaster loan applicants once centers can be opened in affected areas.
You can also learn more about the loans on the SBA’s website www.sba.gov
Counties available for Disaster Loans are:
- Fort Bend
- San Patricio