LONGVIEW - Starting today, low-interest federal disaster loans are available to the residents and businesses in Texas that were affected by the severe storms that occurred late in May of this year.
SBA decided to act under it's own authority to respond to a request from Gov. Greg Abbott and declare a disaster on June 28.
The new declaration makes SBA assistance available in Harrison, Smith, Rusk, Gregg and Upshur counties.
U.S. Small Business Administration's Administrator, Linda McMahon made the announcement of the loan availability and said that, "SBA is strongly committed to providing Texas with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster."
As of now, SBA representatives are available at the Disaster Loan and Outreach Center in Gregg County at Maude Cobb Convention and Activity Center on 100 Grand Blvd. in Longview.
The center is open from 9 a.m. to 6 p.m. Monday through Friday and closes at 1 p.m. on July 18.
Up to $2 million can be borrowed by business of all sizes as well as private nonprofit organizations to repair or replace real estate, machinery and equipment, inventory, or other business assets that may have been destroyed.
SBA can also lend more funds to business and homeowners to help with the cost of improvements to prevent or minimize the same type of disaster damage from occurring in the future.
Small businesses are being offered Economic Injury Disaster Loans to assist in meeting working capital needs caused by the storms, regardless of whether any property damage was suffered.
Homeowners will be able to loan up to $200,000 to repair or replace damaged or destroyed real estate. Up to $40,000 will be made available to eligible homeowners and renters to repair or replace damaged or stolen personal property.
Interest rates can be as low as 3.215 percent for businesses, 2.5 percent for private nonprofits, and 1.938 percent for homeowners and renters with terms up to 30 years.
SBA sets the Loan amounts and their terms and they are based on each individual applicant's financial situation.
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