DALLAS (WBAP/KLIF)- If you’re home or business was damaged by the tornadoes that ripped through North Texas October 20th, you can apply for low interest federal disaster loans. The U.S. Small Business Administration is offering low-interest loans to cover uninsured losses for businesses and homes.
Susheel Kumar with SBA said businesses of all sizes can borrow up to $2 million to repair or replace damaged property and people can borrow up to $200,000 dollars for their homes and up to $40,000 for personal property. “We serve the under insured and the uninsured renters and home owners…we are the single largest source of funds for property damaged properties posrt disaster,” Kumar said.
Interest rates can be as low as 3.875 percent for businesses, 2.75 percent for private nonprofit organizations and 1.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
“It’s about a 20 minute process start to finish, the team will sit down with a disaster applicant and ask some questions to get the process started,” said Kumar.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (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.
You can also submit an application in person at the Disaster Loan Outreach Center- Bachman Lake Branch Library on 9480 Webb Chapel Road in Dallas.
The deadline to apply for property damage is Jan. 13, 2020. The deadline to apply for economic injury is Aug. 14, 2020.