Dallas County Business Owners! Were you impacted by the October tornado? The SBA can help!

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.

Low-interest Federal disaster loans now available for those affected by Oct. 20 storms

Low-interest federal disaster loans are now available for businesses and residents affected by the Oct. 20 storms and tornadoes that hit the north Texas area after the U.S. Small Business Administration (SBA) issued a disaster declaration last week at the request of Gov. Greg Abbott, the City of Dallas posted in a news release Monday.

If you have any questions, the SBA opened up a center Monday to explain its disaster loan program at the Bachman Lake Branch Library

The Dallas Metropolitan SBDC can also help. Call for an appointment, and meet with a business advisor 1-on-1 to understand the SBA program and to get assistance compiling the necessary documentation.

Schedule a appointment with a Dallas Metropolitan SBDC Business Advisor by calling (214) 860-5859

Disaster Loan Outreach Center Open

SBA representatives are on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s Disaster Loan Program, explain the application process and help each individual complete their application.


Disaster Loan Outreach Center
Bachman Lake Branch Library
9480 Webb Chapel Road
Dallas, TX 75220
Hours of Operation: Monday- Fridays 9:00am-6pm
No appointment necessary

Closed for Thanksgiving Holiday on Thursday and Friday November 28-29

The SBA disaster declaration makes SBA assistance available in Collin, Dallas, Denton, Ellis, Kaufman, Rockwell and Tarrant counties.
Low interest federal disaster loans are available to Texas businesses and residents affected by severe storms, straight-line winds, hail and tornado that occurred October 20-21, 2019.

                        Disaster Loan Program Facts

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.

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.

Interest rates can be as low as 3.875 percent for businesses, 2.75 percent for private nonprofit organizations and 1.5 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.

How to Apply:
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 disastercustomerservice@sba.gov 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.

DEADLINE:
The deadline to apply for property damage is Jan. 13, 2020. The deadline to apply for economic injury is Aug. 14, 2020.

(https://content.govdelivery.com/accounts/USSBA/bulletins/26596a6)

Local News

Federal disaster loans now available for those affected by Oct. 20 storms
If you have any questions, the SBA opened up a center Monday to explain its disaster loan program at the Bachman Lake Branch Library

Low-interest federal disaster loans are now available for businesses and residents affected by the Oct. 20 storms and tornadoes that hit the north Texas area after the U.S. Small Business Administration (SBA) issued a disaster declaration last week at the request of Gov. Greg Abbott, the City of Dallas posted in a news release Monday.

(https://www.wfaa.com/article/news/local/federal-disaster-loans-now-available-for-those-affected-by-oct-20-storms/287-ab1f582a-e184-4c53-a5a3-6c895f9701e7)