Low-interest loans available for businesses affected by the March tornadoes

Low-interest federal disaster loans are now available for businesses and residents affected by the March 21 tornadoes.

The loans are available after the US Small Business Administration announced a disaster declaration for several counties on May 2.

The statement makes loans available to Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee, Leon , Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood, and Young counties in Texas; and Bryan, Jefferson, Love and Marshall counties in Oklahoma, according to a news release.

Loans of up to $2 million are available to businesses and private nonprofit organizations to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to a news release.

Homeowners can also receive loans of up to $200,000 to repair or replace damaged or destroyed real estate, according to a news release. Landlords and tenants can receive up to $40,000 to repair or replace damaged or destroyed personal property.

The deadline to file a property damage claim is July 5. The deadline to file a claim for economic harm is February 6, 2023.

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The SBA can also lend additional funds to businesses and homeowners to help cover the cost of improvements to protect, prevent, or minimize damage occurring in the future.

The SBA will also provide economic disaster loans to small businesses, small agricultural cooperatives and small businesses engaged in aquaculture and most private nonprofit organizations.

Interest rates can be as low as 2.94% for businesses, 1.875% for private nonprofit organizations and 1.438% for landlords and tenants with terms up to 30 years, according to a statement. Press.

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A Disaster Loan Awareness Center will open at 1 p.m. Monday at the Clay Madsen Recreation Center at 1600 Gattis School Road, Round Rock, from 9 a.m. to 6 p.m. Monday through Friday, according to a news release.

Disaster Loan Centers are also available at the Jack County Courthouse at 100 North Main Street, Jacksboro, and Center Wayfinders Church at 508 North Fifth Street, Jarrell. Both centers are open from 9 a.m. to 6 p.m.

“SBA customer service representatives will be available at the following center to answer questions about the SBA Disaster Loan Program, explain the application process, and assist each individual with completing their electronic loan application,” said said Tanya N. Garfield, director of the US Small Business Administration. Disaster Field Operations Center-West in a press release.

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Applicants can apply online, receive additional information about disaster assistance, and upload applications at Disasterloanassistance.sba.gov. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information about SBA disaster assistance.

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