SBA Disaster Loans Available for Ice Storm Victims
Release Date: January 24, 2001
Release Number: 1356-10
» More Information on Texas Severe Winter Storm
Fort Worth, TX -- Homeowners, renters and businesses in some Northeast Texas counties affected by the severe winter ice storms that occurred December 12 through January 15 are eligible to apply for low--interest disaster loans from the U.S. Small Business Administration (SBA). The loans are available to individuals and businesses in Bowie, Cass, Lamar and Red River counties to cover ice storm damages to homes, personal property and business property.
Small businesses in these counties and adjacent counties and parishes in Texas, Arkansas, Oklahoma and Louisiana are also eligible to apply for SBA Economic Injury Disaster Loans to cover financial losses caused by the ice storm. The economic injury loan is designed to help small businesses meet normal operating expenses that cannot be met as a result of the disaster. The loan can help a small business stay current on accounts payable, notes payable and meet on--going expenses until the business overcomes the financial effects of the disaster.
To apply for an SBA disaster loan victims must first register with FEMA by calling 1--800--462--9029 or 1--800--462--7585 (TTY). Those victims that are referred to SBA will be mailed a disaster loan application.
SBA loan officers are available at local Disaster Recovery Centers in the declared areas to help individuals and business owners complete their loan applications.
SBA can loan up to $200,000 to cover uninsured physical damages to homes and up to $40,000 for uninsured losses to personal property such as household contents and automobiles. Businesses can borrow up to $1,500,000 to cover uninsured losses to business property and unmet financial needs caused by the disaster. The loans are direct loans from SBA and are offered at rates as low as 3.5% at terms of up to thirty (30) years.
Individuals who do not qualify for an SBA loan may be referred to the Individual and Family Grant program for possible grant assistance. There is no grant program for businesses.
Victims of the ice storm are encouraged to seek assistance by calling FEMA at 1--800--462--9029 or 1--800--462--7585 (TTY). For help on SBA disaster loan applications and information about other state and federal assistance, visit any of the Disaster Recovery Centers. The deadline to apply for assistance is March 9, 2001.
Last Modified: Monday, 20-Oct-2003 14:49:23