SBA Tops $ 20 Million in Disaster Assistance Loans

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Photo for illustration purposes only

Texas Border Business

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved more than $20 million in federal disaster loans for Texas businesses and residents impacted by severe storms and flooding in Cameron, Hidalgo and Jim Wells counties that occurred June 19 – July 13, 2018. According to Garfield, SBA has approved $315,200 for businesses and $20,678,800 for residents to help rebuild and recover from this disaster.

“SBA’s disaster assistance employees are committed to helping businesses and residents recover as quickly as possible,” said SBA’s Lower Rio Grande Valley District Director Angela Burton. “Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage,” Burton added.

SBA continues to provide one-on-one assistance to disaster loan applicants at the following locations on the days and times indicated. No appointment is necessary.

  • HIDALGO COUNTY

Disaster Loan Outreach Center

McAllen Creative Incubator

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(Former Millennial Marketing Suite)

601 North Main St., Room #11

McAllen, TX  78501

Mondays – Fridays, 9 a.m. – 6 p.m.

Closes 6 p.m. Thursday, Sept. 20

  • HIDALGO COUNTY

Disaster Recovery Center

City of Weslaco

Economic Development Corporation

275 South Kansas Ave.

Weslaco, TX  78596

Mondays – Fridays, 9 a.m. – 7 p.m.

Saturdays, 8 a.m. – 3 p.m.

For small businesses and most private nonprofit organizations of all sizes, 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.

These low-interest federal disaster loans are available in Brooks, Cameron, Duval, Hidalgo, Jim Wells, Kenedy, Kleberg, Live Oak, Nueces, San Patricio, Starr and Willacy counties.

The interest rate is 3.61 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The deadline to apply for economic injury is April 8, 2019.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.