Texas deadline for SBA working capital loans due to adverse weather

Sacramento, California ?? Director Tanya N. Garfield of the US Small Business Administration’s Disaster Field Operations Center-West today reminded small non-farm businesses in 61 counties in Texas and neighboring Oklahoma county of the December 23 deadline. 2021 to apply for a federal SBA disaster loan for economic harm. These low interest rate loans are to make up for economic losses due to lower income caused by winter storm, blizzard, snow, ice and high winds in the following major counties which occurred from 10 to February 19, 2021.

Main counties of Texas: Bexar, Burleson, Cameron, Comanche, Concho, Fannin, Fisher, Jackson, Menard, Nolan, Runnels, Willacy and Williamson;
Neighboring counties of Texas: Atascosa, Bandera, Bastrop, Bell, Brazos, Brown, Burnet, Calhoun, Coke, Coleman, Collin, Colorado, Comal, Delta, Eastland, Erath, Grayson, Guadalupe, Hamilton, Hidalgo, Hunt, Jones, Kendall , Kenedy, Kent, Kimble, Lamar, Lavaca, Lee, Mason, Matagorda, McCulloch, Medina, Milam, Mills, Mitchell, Robertson, Schleicher, Scurry, Stonewall, Sutton, Taylor, Tom Green, Travis, Victoria, Washington, Wharton and Wilson;
Neighboring Oklahoma County: Bryan.

According to Garfield, small non-farm businesses, small farm cooperatives, small businesses engaged in aquaculture, and most private nonprofits of any size can apply for economic disaster loans of up to $ 2. million dollars to help meet the working capital needs caused by the disaster. ?? Economic disaster loans can be used to pay off fixed debts, payrolls, accounts payable, and other bills that cannot be paid due to the impact of the disaster, ?? Garfield said.

Eligibility for the SBA covers both the economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and on businesses directly affected by the disaster. Aid for economic damage is available whether or not the claimant has suffered property damage? Garfield added.

The interest rate is 3% for companies and 2% for private non-profit organizations with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

By law, the SBA makes economic disaster loans available when the US Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on April 23, 2021.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Farm businesses should contact the Farm Services Agency regarding the U.S. Department of Agriculture assistance made available by the Secretary’s Statement.

Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.