Getting disaster help from SBA – what you need to know

Special to The Dallas Examiner Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West recently announced the extension of hours at the Balch Springs and Dallas Disaster Loan Outreach Centers. [...] The post Getting disaster help from SBA – what you need to know appeared first on Dallas Examiner.

Getting disaster help from SBA – what you need to know

Special to The Dallas Examiner

Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West recently announced the extension of hours at the Balch Springs and Dallas Disaster Loan Outreach Centers. Both centers will now be opened Mondays – Saturdays to meet the needs of businesses and individuals who were affected by the severe storms and flooding that occurred Aug. 22 through Aug. 25.

SBA disaster assistance is available in Collin, Dallas, Denton, Ellis, Kaufman, Rockwall and Tarrant counties in Texas.

“SBA customer service representatives will be on hand at the following centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” Garfield continued. The centers will be open on the days and times indicated. No appointment is necessary.

Disaster Loan Outreach Centers in Dallas County:

  • Balch Springs Recreation Department Meeting Room, located at 4372 Shepherd Lane Balch Springs.
  • Samuell-Grand Recreation Center Game Room, located at 112 6200 E. Grand Ave.

SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation.

The SBA offers Business Physical Disaster Loans, low-interest disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners and renters. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible. Businesses may borrow up to $2 million for any combination of property damage or economic injury. Loans include real estate, inventories, supplies, machinery and equipment.

SBA offers Economic Injury Disaster Loans, low-interest working capital loans to small businesses, small businesses engaged in aquaculture and most private, nonprofit organizations of all sizes having difficulty meeting obligations as a result of the disaster.

These working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Home Disaster Loans, Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. Homeowners may borrow up to $200,000 to repair or replace their primary residence. Homeowners and renters may borrow up to $40,000 to replace personal property.

To be eligible, applicants must have a credit history acceptable to SBA show the ability to repay all loans. Collateral is required for physical loss loans over $25,000 and all EIDL loans over $25,000. Real estate is acceptable when it is available. SBA will not decline a loan for lack of collateral but requires a pledge of what is available.

Interest rates can be as low as 3.04% for businesses, 1.875% for private nonprofit organizations and 2.188% 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 https://disasterloanassistance.sba.gov. 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. 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 Nov. 14. The deadline to apply for economic injury applications is June 14, 2023.

The post Getting disaster help from SBA – what you need to know appeared first on Dallas Examiner.