AUSTIN – Low-interest federal catastrophe loans at the moment are out there to Texas companies and residents impacted by the foremost catastrophe declaration for the extreme storms, straight‑line winds, tornadoes and flooding that started on April 26. Residents and companies in Calhoun, Eastland, Guadalupe, Hardin, Harris, Jasper, Jones, Lamar, Liberty, Montgomery, Polk, San Jacinto, Trinity, Walker, and Waller counties are eligible to use.
FEMA companions with different companies to assist meet the wants of catastrophe survivors. The U.S. Small Enterprise Administration (SBA) provides low-interest catastrophe loans in a declared main catastrophe space. As a matter of reality, 80% of SBA loans are lending to owners and renters.
SBA is the most important supply of funds to assist non-public property house owners pay for catastrophe losses not coated by insurance coverage or different recoveries. This system covers deductibles, and elevated price of compliance after a catastrophe. Survivors mustn’t anticipate an insurance coverage settlement earlier than submitting an SBA mortgage utility.
Rates of interest could be as little as 4 % for companies, 3.25 % for personal nonprofit organizations and a pair of.688 % for owners and renters with phrases as much as 30 years. Mortgage quantities and phrases are set by SBA and are based mostly on every applicant’s monetary situation.
Curiosity doesn’t start to accrue till 12 months from the date of the primary catastrophe mortgage disbursement. SBA catastrophe mortgage reimbursement begins 12 months from the date of the primary disbursement.
Householders could also be eligible for a catastrophe mortgage as much as $500,000 for main residence repairs or rebuilding. SBA can also be capable of assist owners and renters with as much as $100,000 to switch essential private property, together with cars broken or destroyed within the catastrophe.
Companies of all sizes and personal nonprofit organizations might borrow as much as $2 million to restore or exchange broken property, destroyed actual property, equipment and gear, stock and different enterprise belongings. SBA may lend further funds to assist with the price of enhancements to guard, forestall or reduce catastrophe injury from occurring sooner or later.
For small companies, small agricultural cooperatives, small companies engaged in aquaculture and most non-public nonprofit organizations of any dimension, SBA provides Financial Harm Catastrophe Loans to assist meet working capital wants brought on by the catastrophe. Financial harm help is out there to companies no matter any property injury.
In case your utility is permitted, you aren’t obligated to simply accept an SBA mortgage.
Candidates might apply on-line and obtain further catastrophe help info at SBA.gov/catastrophe.
SBA representatives can be found to supply one-on-one help to catastrophe mortgage candidates on the Catastrophe Restoration Facilities open all through the affected space. Enterprise house owners might apply in-person by visiting a Enterprise Restoration Middle. Two facilities are at present open in Houston.
Harris County
College of Houston Downtown (UHD)
Marilyn Davies School of Enterprise
320 North Most important Avenue
Room B106, 1st Flooring
Houston, TX 77002
Hours: Monday-Friday: 9 a.m. to six p.m.
Saturday: 9 a.m. to 4 p.m.
Closed on Monday, Could 27 for Memorial Day Vacation
*Parking is beneath the Marilyn Davies School of Enterprise within the Shea Avenue Constructing
Harris County
Trini Mendenhall Neighborhood Middle
1414 Wirt Rd.
Houston, TX 77055
Hours: Monday-Friday: 9 a.m. to six p.m.
Saturday: 9 a.m. to 4 p.m.
Closed on Monday, Could 27 for Memorial Day Vacation
Candidates can also name SBA’s Buyer Service Middle at (800) 659-2955 or e mail [email protected] for extra info on SBA catastrophe help. For people who find themselves deaf, arduous of listening to, or have a speech incapacity, please dial 7-1-1 to entry telecommunications relay providers. There isn’t a price to use for an SBA catastrophe mortgage.
The deadline to use for property injury is July 16, 2024. The deadline to use for financial harm is Feb. 18, 2025.
For the newest info go to fema.gov/catastrophe/4781. Comply with the FEMA Area 6 Twitter account at twitter.com/FEMARegion6 or on Fb at fb.com/FEMARegion6/.
