SBA Tops $260 Million in Disaster Assistance Loans to Business and Residents Impacted by Harvey
SACRAMENTO, Calif. – Acting Regional Administrator Dorothy Overal of the U.S. Small Business Administration announced today that SBA has approved $265,581,100 in federal disaster loans for Texas businesses and residents impacted by Hurricane Harvey.
According to Overal, SBA has approved 226 loans for $20,323,000 for businesses and 2,919 loans for $245,258,100 for residents to help rebuild and recover from this terrible disaster.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Overal. Businesses and residents who sustained damages are encouraged to register with the Federal Emergency Management Agency by visiting www.disasterassistance.gov. This is the fastest way to get help. “Don’t miss out on any assistance you may be entitled to by not registering. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” she added.
SBA representatives continue to meet with business owners and residents at 23 Federal/State Disaster Recovery Centers and five SBA Business Recovery Centers throughout the impacted area to answer questions about SBA’s disaster loan program, explain the application process, help them complete their application and close their approved loans. For a list of locations, visit SBA’s website at www.sba.gov/disaster. No appointment is necessary.
Businesses of all sizes and private 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. The SBA can also lend additional funds 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.
For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.
Applicants may receive additional disaster assistance information by visiting www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Oct. 24, 2017. The deadline to apply for economic injury is May 25, 2018.