MISSION, Texas (ValleyCentral) — The Small Business Administration is providing loans to Rio Grande Valley residents recovering from severe storm damages.
The disaster loan program from the SBA Office of Disaster Recovery Resiliency covers renters, homeowners, nonprofit organizations, and businesses of any size.
“Homeowners can get up to $200,000 to repair or replace their home, and renters and also homeowners can get up to $40,000 to get their personal property that they lost inside their home,” Elizabeth Vargas, public information officer at Small Business Administration said.
Vargas added the loan program is able to cover anything a person lost including vehicles, clothing, and furniture.
Residents are eligible for the SBA loan if the damages were caused by the April 28 storm in Hidalgo and neighboring counties.
“We offer these loans at low interest 2.3% For homeowners and renters and 4% for businesses,” Vargas added.
SBA has two disaster loan outreach centers located in McAllen and Palmview to assist residents with loans and damages.
The centers are located at 700 N. Main St. in McAllen and 2401 N. Moorefield Rd. in Palmview.
Both locations will be open from 9 a.m. to 6 p.m., Monday through Friday and 10 a.m. to 4 p.m. on Saturdays until June 21.
The deadline to apply for a physical loan or any damages to a home or business is July 21.
The loan application deadline for economic injury for businesses and nonprofit organizations is on February 22, 2024.