Methods to Apply for SBA Catastrophe Mortgage
The U.S. Small Enterprise Administration (SBA) affords low-interest catastrophe loans to Texans.
SBA catastrophe loans are the biggest supply of federal catastrophe restoration funds for owners, renters, companies and nonprofit organizations. These loans cowl losses not absolutely compensated by insurance coverage or different sources.
Owners could also be eligible for a catastrophe mortgage as much as $500,000 to restore or substitute broken or destroyed actual property. SBA may have the ability to assist owners and renters with as much as $100,000 to restore or substitute broken or destroyed private property, together with private autos.
Companies of all sizes and personal nonprofit organizations could borrow as much as $2 million to restore or substitute broken or destroyed actual property, equipment and gear, stock and different enterprise property. SBA can even lend further funds to assist with the price of enhancements to guard, stop or reduce catastrophe harm from occurring sooner or later.
For small companies, small agricultural cooperatives, small companies engaged in aquaculture and most personal nonprofit organizations, SBA affords Financial Damage Catastrophe Loans to assist meet working capital wants attributable to the catastrophe. Financial harm help is out there to companies no matter any property harm.
Rates of interest might be as little as 4 p.c for companies, 3.25 p.c for personal nonprofit organizations and a pair of.688 p.c 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. If accepted, you’re not obligated to take a mortgage.
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.
The deadline to use for bodily harm is Aug. 15, 2024. The deadline to use for financial harm is Feb. 18, 2025.
Candidates could apply on-line and obtain further catastrophe help info at SBA.gov/catastrophe or by calling 800-659-2955. SBA representatives can be found to supply one-on-one help to catastrophe mortgage candidates at Catastrophe Restoration Facilities in Texas. Enterprise Restoration Facilities are working at College of Houston Downtown (UHD), Marilyn Davies Faculty of Enterprise, Trini Mendenhall Neighborhood Middle in Houston, East Montgomery County Enchancment District in New Caney, the Innovation Black Chamber of Commerce in Killeen, TX, and the MarMo Plaza in Galveston.
You’ll be able to apply for an SBA catastrophe mortgage on the identical time you apply to FEMA for help.
