Important Deadline for SBA Disaster Loan Applications

We want to remind Texas businesses and residents that the deadline for applying for a U.S. Small Business Administration (SBA) federal disaster loan to address property damage caused by severe storms and flooding in Potter County is approaching. The deadline is September 1st.

Eligibility for Disaster Loans

Businesses of all sizes, private nonprofit organizations, homeowners, and renters affected by the severe storms and flooding in Armstrong, Carson, Deaf Smith, Moore, Oldham, Potter, and Randall counties in Texas may apply for SBA federal disaster loans. These low-interest loans can be used to repair or replace disaster-damaged property. Moreover, SBA can provide additional funds to assist with the cost of improvements that protect against similar future disaster damage.

Business and Nonprofit Organizations’ Loans

Businesses of all sizes and private nonprofit organizations have the opportunity to borrow up to $2 million. This money can be used for the repair or replacement of damaged or destroyed real estate, machinery, equipment, inventory, and other business assets.

Homeowners and Renters Assistance

Homeowners can obtain disaster loans of up to $200,000 to repair or replace damaged or destroyed real estate. Additionally, homeowners and renters are eligible for up to $40,000 to repair or replace personal property, including personal vehicles.

Economic Injury Disaster Loans

SBA also provides Economic Injury Disaster Loans to help small businesses, small agricultural cooperatives, and most private nonprofit organizations of any size meet working capital needs resulting from the disaster. Economic injury assistance is available regardless of whether the business experienced any property damage. The deadline to apply for an SBA economic injury disaster loan is April 3, 2024.

Application Process

Applicants can apply online through the SBA’s secure website at https://disasterloanassistance.sba.gov/. Additionally, you can receive more information on disaster assistance and download applications. For any inquiries or assistance with the application process, contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Act Now!

The clock is ticking, and the deadline to submit applications is fast approaching. To secure the financial assistance needed to recover from the severe storms and flooding, submit your completed applications to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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