Low-interest federal disaster loans are now available to businesses and residents affected by the March 21 tornado in Round Rock after the U.S. Small Business Administration announced a disaster declaration for Williamson County.
A Disaster Loan Outreach Center will open at 1 p.m. on Monday, May 16, at the Clay Madsen Recreation Center, 1600 Gattis School Road, in Round Rock. Hours are from 9 a.m. to 6 p.m. Monday through Friday. No appointment is necessary.
“SBA customer service representatives will be on hand at the following center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” said Tanya N. Garfield, Director of the U.S. Small Business Administration’s Disaster Field Operations Center-West.
SBA disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, 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.
Interest rates can be as low as 2.94 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. For people who are deaf, hard of hearing or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is July 5, 2022. The deadline to apply for economic injury is Feb. 6, 2023.