SAN ANGELO, TX -- U.S. Small Business Administration officials are extending their stay in San Angelo through Aug. 24 to help victims of severe storms that struck June 23-26 in applying for federal aid.
Low-interest federal disaster loans are available to businesses and residents who suffered damage caused by the storms' winds, hail and flooding. Assistance is available in Coke, Concho, Irion, Menard, Reagan, Runnels, Schleicher, Sterling and Tom Green counties.
Businesses and nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other assets. For small businesses and most nonprofits, SBA offers economic injury loans to help meet working capital needs caused by the disaster, according to the City of San Angelo press release. Economic injury assistance is available regardless of whether the business suffered property damage.
Homeowners can borrow up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters can borrow up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.215 percent for businesses, 2.5 percent for private non-profit organizations, and 1.938 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by SBA, based on an applicant’s financial condition.
The SBA is on the second floor of the Keyes Building, 113 W. Beauregard Ave., from 8 a.m.-5 p.m. weekdays through Thursday, Aug. 24.
The filing deadline to return applications for property damage is Sept. 25. The deadline to return economic injury applications is April 26, 2018.
Applicants may apply online, receive more information and download applications at https://disasterloan.sba.gov/ela. Applicants may call 1-800-659-2955 or email [email protected] for more information. People who are deaf or hard of hearing may call 1-800-877-8339.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.