North Texans now eligible for SBA loans to repair August floods

The United States Small Business Administration has issued a disaster declaration for Dallas County and surrounding counties in connection with flooding that occurred between August 22 and 25. The decision means people and businesses in North Texas are eligible for low-interest loans to help recover from flood damage.

Texas Governor Greg Abbott had requested the declaration earlier in the week and it was granted by the SBA.

“We offer disaster loans for businesses of all sizes. Low-interest government loans, basically, for businesses, homeowners, and nonprofits,” said Barbara Nitis of the SBA. The statement covers Collin, Dallas, Denton, Ellis, Kaufman, Rockwall and Tarrant counties.

Dallas County Judge Clay Jenkins urged those affected by the flooding to consider applying for federal assistance.

“If you can’t get a loan elsewhere, you can get a loan (from the SBA) that lasts up to 30 years and up to $200,000,” he said.

Lending guidelines for individuals and families allow loans of up to $200,000 to repair or replace property damage and up to $40,000 to replace personal property. Tenants can also apply for loans of up to $40,000 to repair or replace personal property. Businesses can apply for loans of up to $2 million to repair or replace real estate, machinery and equipment, inventory and other assets that have been damaged or destroyed. This program is offered to companies of all sizes and private non-profit organizations.

“I thank the Texas Division of Emergency Management for working with the SBA to determine eligibility for Texas assistance for the long-term, low-interest loans now available to Texans,” said Governor Abbott. “The State of Texas will continue to work tirelessly to help North Texas residents and businesses rebuild and recover from the economic and physical damage caused by the floods.”

People can apply online through the SBA website catastropheloanassistance.sba.gov. They can also call the SBA Customer Service Center at 1-800-659-2955 or email [email protected]

The SBA will also set up two outreach centers in North Texas beginning Monday to provide assistance. These will be located at the Samuell-Grand Recreation Center at 6200 East Grand Avenue in Dallas and the Balch Springs Recreation Department at 4372 Shepherd Lane in Balch Springs.

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About Kimberly Alley

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