funds for small biz
Texas small businesses impacted by Winter Storm Uri are now eligible for up to $2 million in low-interest loans from the U.S. Small Business Administration as a result of President Joe Biden's major disaster declaration last week.
"Getting our businesses and communities up and running after a disaster is our highest priority at SBA," says SBA's acting Administrator Tami Perriello.
According to a release from the SBA, businesses in 77 counties are covered under the declaration for damages incurred during the storm, starting February 11. Loans can be used to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The funds can also be used to make improvements that will protect, prevent, or minimize damage from any future freezes.
Interest rates for businesses start at 3 percent. Loans to private nonprofit organizations will start at 2 percent and homeowners and renters will incur interest at 1.25. All loans are set with 30 years terms.
Loan amounts and terms are determined by the SBA based on each applicant's financial condition.
The SBA will also launch a Virtual Business Recovery Center on February 23 — similar to the Women Business Centers it launched across the country in 2020, but all virtual due to COVID-related health concerns.
Applicants can call or email the virtual center to receive personalized assistance in their online loan applications at 800-659-2955 or FOCWAssistance@sba.gov, from 8 a.m. to 8 p.m.
Assistance will also be provided to help homeowners and renters through a similar Virtual Disaster Loan Outreach Center, which applicants can reach through the same number and email address.
Homeowners are eligible for up to $200,000 to repair or replace damaged or destroyed real estate.Renters and homeowners are also eligible for up to $40,000 for destroyed personal property.
To get started, applicants must contact FEMA at disasterassistance.gov. To download an application visit disasterloanassistance.sba.gov. Individuals who are deaf or hard‑of‑hearing can call 800-877-8339.