Small Business Administration provides financial relief after natural disasters and pandemic

Local News

HARLINGEN, Texas (ValleyCentral) — The Small Business Administration wants to be sure businesses are aware of the resources available should your business be impacted by a declared disaster or the COVID-19 pandemic.

Angela Burton, the District Director for the SBA Lower Rio Grande Valley District, says it is important for businesses to have a plan for any type of disaster and that starts with assessing your establishment’s risks.

“Your plan is sort of your road map to getting through this difficult time when there is a disaster,” said Burton.

She says your plan should include communicating with your staff, protecting your property, and being aware of your supply chain.

Burton says the SBA is available to help recover once a disaster declaration is made.

“If that happens, then there are opportunities for businesses to apply for different types of loans through the SBA,” said Burton.

The loans are low interest and up to $2 million with a term of up to thirty years, according to Burton.

She says there are still resources available until December 31, 2021, for businesses that need financial assistance from the COVID-19 pandemic.

Burton explained the Economic Injury Disaster Loans (EIDL) range from $25 thousand to $500 thousand dollars and are available for several businesses such as non-profit and for-profit businesses.

Connie Nguyen, the owner of Snowbite Modern Vietnamese Eatery, says the SBA economic injury disaster loan, helped her businesses recover from the COVID-19 pandemic.

“There was nights where we were really worried about closing our doors or looking for different resources, how can we apply for a loan to keep us going, and the SBA came in at such good timing,” said Nguyen.

She says the pandemic forced her to make changes to her businesses model from dine-in to curbside and pick-up, which was a challenge.

Nguyen explained that with the help from the SBA, she was able to get through the difficult time.

“Let’s just prepare, you know, a month from now we might hit something, and there’s available resource for us already,” said Nguyen.

Nguyen says she is prepared and is thankful for the resources available through the Small Business Administration.

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