SBA help available for local tornado victims

Gainesville Daily Register, Texas
1 min read
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May 20—The U.S. Small Business Administration's Disaster Field Operations Center has opened five Disaster Loan Outreach Centers around Texas to help people affected by the March 21 tornado strikes.

The closest office to Cooke County is in Montague, on the third floor of the county courthouse. It will be open through Thursday, May 26.

According to an SBA press release:

—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;

—For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, 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;

—SBA disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed property;

—Interest rates can be as low as 2.94 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 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, receive additional disaster assistance information and download applications at https:// disasterloanassistance. sba.gov/. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@ sba. gov for more information.

The deadline to apply for property damage is July 5, 2022. The deadline to apply for economic injury is Feb. 6, 2023.

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