SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, announced today that SBA has approved more than $500 million in federal disaster loans for Texas businesses and residents impacted by recent disaster declarations. According to Sánchez, SBA has approved $140,398,750 for businesses and $364,812,900 for residents to help rebuild and recover from these disasters.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Sánchez. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” he added.
SBA continues to provide one-on-one assistance to disaster loan applicants in all the federal-state Disaster Recovery Centers and SBA Business Recovery Centers located throughout Texas. Please see a complete listing of locations and hours at SBA.gov/disaster.
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.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez continued. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 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.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
For SBA declaration 20320 for severe storms, straight-line winds, tornadoes and flooding that occurred April 26–June 5, 2024, the deadline to apply for a loan for property damage has passed, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size still have until Feb. 18, 2025, to apply for an economic injury disaster loan to help meet working capital needs caused by the disaster. Economic injury loan assistance is available regardless of whether the business suffered any property damage.
For SBA declaration 20445 for Hurricane Beryl that occurred July 5-9, the deadline to apply for property damage is Oct. 10, 2024. The deadline to apply for economic injury is April 14, 2025.
SBA will accept all disaster loan applications up to 60 days after the filing deadline without an explanation of why you were delayed. You can apply online using the MySBA portal at https://lending.sba.gov, or by coming into our centers.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.