SBA economic injury disaster loans available to Texas small businesses

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SBA economic injury disaster loans available to Texas small businesses

Thu, 09/19/2019 - 10:30
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SACRAMENTO, CA—Small nonfarm businesses in the following counties—including Hemphill and surrounding counties—are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by adverse weather incidents that occurred in the following primary counties in Texas, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center West.

Declaration No. 16128

Primary Counties: Armstrong, Bowie, Burleson, Collin, Ellis, Fannin, Floyd, Grayson, Hunt, Jackson, Lipscomb, Matagorda, and Red River

Neighboring Counties: Brazoria, Brazos, Briscoe, Calhoun, Carson, Cass, Colorado, Cooke, Crosby, Dallas, Delta, Denton, Dickens, Donley, Franklin, Gray, Hale, Hemphill, Henderson, Hill, Hopkins, Johnson, Kaufman, Lamar, Lavaca, Lee, Lubbock, Milam, Morris, Motley, Navarro, Ochiltree, Potter, Rains, Randall, Roberts, Robertson, Rockwall, Swisher, Tarrant, Titus, Van Zandt, Victoria, Washington, and Wharton in Texas; Little River and Miller in Arkansas; and Beaver, Bryan, Choctaw, Ellis, Love, Marshall, and McCurtain in Oklahoma

Incident Type and Date: Excessive moisture and flooding beginning Sept. 1, 2018

Deadline: 5.6.2020

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters,” Garfield said.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disasters not occurred.

“Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage. These loans have an interest rate as low as 3.675 percent for businesses and 2.5 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.

By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the secretary’s declaration. However, in drought disasters, nurseries are eligible for SBA disaster assistance.

Applicants may apply online, receive additional disaster assistance information and download applications at Applicants may also call SBA’s Customer Service Center at 800.659.2955 or email for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call 800.877.8339. Completed applications should bemailedtoU.S.SmallBusinessAdministration,ProcessingandDisbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.