RIO GRANDE VALLEY, Texas (KVEO) — The U.S. Small Business Administration (SBA) is offering low-interest disaster loans to businesses affected by Hurricane Hanna.
These loans are available to non-farm businesses, private nonprofits, homeowners and renters in Hidalgo, Brooks, Cameron, Kenedy, Starr, and Willacy counties.
The SBA has broken down the loans available:
Individuals and Families
- Homeowners – up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property.
- Renters – up to $40,000 to repair or replace personal property.
- Property Damage – Up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations).
- Economic Injury – Only for small businesses and most private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.
If you need assistance applying you can reach out to the SBA’s Virtual Disaster Loan Outreach Center by emailing them at FOCWAssistance@sba.gov or by calling 800-659-2955 Mondays through Sundays from 8 a.m. to 8 p.m. EDT.
You can apply for the disaster loan at the SBA website.
The deadlines to apply for physical damage is October 30, 2020, for Economic Injury is June 1, 2021.
To read the full fact sheet about the Hurricane Hanna Disaster Loans that are available, please click below.