Low-interest federal disaster loans are now available for businesses and residents affected by the March 21 tornado in Round Rock after the US Small Business Administration announced a disaster declaration for Williamson County .
A Disaster Loan Awareness Center will open at 1 p.m. Monday, May 16 at the Clay Madsen Recreation Center, 1600 Gattis School Road, Round Rock. Hours are 9 a.m. to 6 p.m. Monday through Friday. No appointment is necessary.
“SBA customer service representatives will be available at the following center to answer questions about the SBA Disaster Loan Program, explain the application process, and assist each individual with completing their electronic loan application,” said said Tanya N. Garfield, director of the US Small Business Administration. Disaster Field Operations Center – West.
SBA disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Landlords and tenants can receive up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of all sizes and private non-profit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other assets. The SBA can also lend additional funds to businesses and homeowners to help cover the cost of improvements to protect, prevent, or minimize the same type of disaster damage 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 disaster loans to help meet the capital needs of turnover caused by the disaster. Economic loss assistance is available whether or not the business has suffered property damage.
Interest rates can be as low as 2.94% for businesses, 1.875% for private nonprofits, and 1.438% for homeowners and tenants with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at Disasterloanassistance.sba.gov. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information about SBA disaster assistance. For people who are deaf, hard of hearing or have a speech impediment, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to file a property damage claim is July 5, 2022. The deadline to file an economic loss claim is February 6, 2023.
Fact sheets with information about SBA support are available in English and Spanish.
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