SBA Disaster Assistance Loans Available for Texas Impacted by Severe Winter Storms

The U.S. Small Business Administration’s (SBA) Disaster Field Operations Center-West announced the agency has approved more than $100 million in federal disaster loans for Texas businesses and residents impacted by severe winter storms that occurred Feb. 11-21. According to the region's Director Tanya N. Garfield, SBA has approved more than $10 million for businesses and more than $93 million for residents to help rebuild and recover from this disaster.

Businesses and residents in Dallas County who sustained damages are encouraged to register prior to the May 20, 2021, deadline with the Federal Emergency Management Agency (FEMA) at DisasterAssistance.gov. “Don’t miss out on any assistance you may be entitled to by not registering for help," stated Garfield. "You don’t need to wait for your insurance to settle or obtain a contractor’s estimate." 

SBA continues to provide one-on-one assistance to disaster loan applicants through the Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center. Assistance is available 8 a.m. to 8 p.m., Monday-Friday by email at FOCWAssistance@sba.gov or by calling (800) 659-2955. Applicants may apply online, receive additional information and download applications at DisasterLoanAssistance.SBA.gov. Hearing-impaired individuals should call (800) 877-8339.

QUICK FACTS

• Businesses and private nonprofit organizations are eligible borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. 
• Additional funds available to help businesses and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
• Economic Injury Disaster Loans are available for small businesses and most private nonprofit organizations to help meet working capital needs caused by the disaster, regardless of whether the business suffered any property damage. The deadline to apply for economic injury is Nov. 19, 2021.
• Homeowners are eligible for disaster loans up to $200,000 to repair or replace damaged or destroyed real estate. 
• Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3 percent for businesses, 2 percent for private nonprofit organizations and 1.25 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. 

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.