SBA Tops $105 Million in Disaster Assistance Loans for Hurricane Beryl
SBA Tops $105 Million in Disaster Assistance Loans for Hurricane Beryl
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 $105 million in federal disaster loans for Texas businesses and residents impacted by Hurricane Beryl that occurred July 5 - 9. According to Sánchez, SBA has approved $2,056,800 for businesses and $103,529,300 for residents to help rebuild and recover from this disaster.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Sánchez. Businesses and residents in Austin, Bowie, Brazoria, Chambers, Fort Bend, Galveston, Harris, Jackson, Jasper, Jefferson, Liberty, Matagorda, Montgomery, Nacogdoches, Orange, Polk, San Jacinto, Shelby, Trinity, Walker, Waller and Wharton who sustained damages are encouraged to apply prior to the Oct. 10 deadline at SBA.gov/disaster. “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.
In order to allow the borrower time to begin their recovery, 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.
SBA continues to provide one-on-one assistance to disaster loan applicants in 21 business and disaster 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 can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
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.
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.
The deadline to apply for property damage is Oct. 10, 2024. The deadline to apply for economic injury is April 14, 2025.
