SBA Launches Virtual Business Recovery Center To Help Texas Loan Seekers After Winter Storm
Texas small businesses hit by winter storm Uri can now qualify for low interest loans from the U.S. Small Business Administration following President Joe Biden’s declaration of major disaster last week .
“Getting our businesses and communities up and running after a disaster is our top priority at SBA,” says Tami Perriello, SBA Interim Administrator.
According to an SBA statement, businesses in 77 counties are covered by the storm damage report, starting Feb.11. Loans can be used to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other activities. assets. The funds can also be used to make improvements that will protect, prevent or minimize damage from any future freezes.
Interest rates for businesses start at 3%. Loans to private nonprofits will start at 2% and owners and tenants will incur interest at 1.25. All loans have a term of 30 years.
Loan amounts and terms are determined by the SBA based on the financial situation of each applicant.
The SBA will also launch a virtual business recovery center on February 23 – similar to the Women Business Centers it launched across the country in 2020, but all virtual due to health concerns related to COVID.
Applicants can call or email the Virtual Center to receive personalized assistance with their loan applications online at 800-659-2955 or [email protected], 8 a.m. to 8 p.m.
Assistance will also be provided to assist homeowners and tenants through a similar virtual center for disaster loans, which applicants can reach through the same number and email address.
Homeowners are entitled to up to $ 200,000 to repair or replace damaged or destroyed real estate. Tenants and landlords are also entitled to up to $ 40,000 for destroyed personal property.