SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to Texas residents and business owners affected by the West Fertilizer Plant Explosion that occurred on April 17, 2013, U. S. Small Business Administration (SBA) Administrator Karen G. Mills announced today. In conjunction with the amendment adding the Federal Emergency Management Agency’s Individual and Households Program (IHP) to President Obama’s emergency declaration, the SBA acted under its own authority to issue a disaster declaration making Federal long-term, low-interest disaster loans available. Administrator Mills took this action in response to a May 2 request from Gov. Rick Perry.
The disaster declaration makes SBA assistance available in McLennan County and the neighboring counties of Bell, Bosque, Coryell, Falls, Hill and Limestone.
“The U. S. Small Business Administration is strongly committed to providing Texas with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said Mills. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by this disaster,” said SBA’s Dallas/Ft. Worth District Director Herbert Austin. “SBA representatives will be on hand at the local State/Federal Disaster Recovery Center in West to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Austin continued.
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.
Businesses of any size 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 homeowners and businesses to help with the cost of making improvements that 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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 1.688 percent for homeowners and renters, 2.875 percent for private, nonprofit organizations and 4 percent for businesses, 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 using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing email@example.com or visiting SBA’s Web site at http://www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
The filing deadline to return applications for property damage is July 1, 2013. The deadline to return economic injury applications is February 3, 2014.
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841
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