Texas businesses, homeowners affected by tornado, severe storm can get help from SBA

ELGIN, Texas - The Small Business Administration has announced that it is opening a Disaster Loan Outreach Center to assist those that suffered damage or economic injury due to severe storms and tornadoes in Texas. The center will help those affected in the city of Elgin, Bastrop County, Lee County, Caldwell County, and Fayette County.

The center will be at the Bastrop County Tax Annex located at 1125 Dildy Drive in Elgin. It will be open beginning Wednesday, May 11. Hours will be Mondays through Friday from 8 a.m. to 4:30 p.m. (CT).

SBA offers low-interest disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners, and renters. Businesses may borrow up to $2 million for any combination of property damage or economic injury.

Low-interest working capital loans (called Economic Injury Disaster Loans) are offered by the SBA 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.

PREVIOUS COVERAGE:

• Couple loses home they've lived in for 26 years to Elgin tornado
• Teen who drove through Texas tornado given new truck by Fort Worth Chevrolet dealership
• Elgin man released from hospital after suffering leg injury from tornado

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.

Interest rates can be low and terms up to 30 years.

The application filing deadline is July 5 for physical damage and February 6, 2023 for EIDL.

There are three options to apply:

• Customer Centers, open in affected areas
• Applicants may apply only at: disasterloanassistance.sba.gov
• Call 1-800-659-2955 for additional information