Small Business Administration offers financial relief after North Texas floods

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North Texas homeowners, businesses, nonprofits, renters, and car owners experiencing economic loss and property damage from the August floods can now apply for federal loans.

The U.S. Small Business Administration opened disaster relief loans for people affected by the August 22-25 floods. The disaster declaration opens SBA assistance to Collin, Dallas, Denton, Ellis, Kaufman, Rockwall and Tarrant counties, according to a Biden administration press release.

The torrential rains caused an estimated $6 billion in property damage and economic losses, according to an AccuWeather report. Senior administrator Isabella Casillas Guzman said the agency was ready to help.

“We are committed to providing federal disaster loans quickly and efficiently, with a client-centric approach to helping businesses and communities recover and rebuild,” she said in a statement.

Businesses, nonprofits and churches can apply for loans of up to $2 million for real estate, inventory, repairs and replacements of machinery and equipment. The deadline for physical damage loans is Nov. 14, spokeswoman Barbara Nitis said.

These organizations can also apply for up to $2 million in economic impact loans to replace income lost during flooding. The deadline for these loans is June 14, Nitis said.

Homeowners could receive loans of up to $200,000 to repair or replace property damage and up to $40,000 to replace personal property. Tenants can apply for loans of up to $40,000 for personal property. Those with damage to the car can also request repairs, Nitis said.

Interest rates can be as low as 3.04% for businesses, 1.875% for nonprofits and 2.188% for landlords and tenants with terms up to 30 years, the government said. agency. Loan amounts and terms are set by the SBA and based on each applicant’s financial situation.

Those concerned can apply online at https://disasterloanassistance.sba.gov/ or call the SBA Customer Service Center at 800-659-2955. The administration also opened two Disaster Loan Awareness Centers Monday at the Samuell-Grand Recreation Center and the Balch Springs Recreation Center. Centers offer one-on-one walk-in assistance Monday through Friday, 9 a.m. to 5 p.m.

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