One Month Left to Apply for SBA Disaster Loans
Director Tanya N. Garfield of the U.S. Small Business Administration’s (SBA) Disaster Field Operations Center – West today reminded Texas private nonprofit (PNP) organizations of the June 27, 2016, deadline to apply for an SBA federal disaster loan for property damage caused by the severe storms, tornadoes and flooding that occurred March 7-29, 2016. PNPs that provide essential services of a governmental nature are eligible for assistance.
According to Garfield, eligible PNPs of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans (EIDLs) to help eligible PNPs meet working capital needs caused by the disaster. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. EIDL assistance is available regardless of whether the PNP suffered any property damage. PNPs have until Jan. 30, 2017, to apply for an SBA economic injury disaster loan.
SBA low-interest federal disaster loans are available in Angelina, Cass, Erath, Gregg, Harrison, Henderson, Jasper, Lamar, Madison, Marion, Newton, Orange, Parker, Red River, Sabine, San Augustine, Shelby, Tyler and Walker counties.
The interest rate is 2.625 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailingdisastercustomerservice@sba.