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Texans Urged to Apply for Low-Interest Disaster Loans to Aid Recovery

By: Small Business Administration
| Published 05/25/2016

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MONTGOMERY COUNTY, Texas - Federal officials are urging applicants for federal assistance from the April 17-24 floods to complete a disaster loan application from the U.S. Small Business Administration as part of their recovery process.

Officials from the Federal Emergency Management Agency and SBA said residents of eight counties - Austin, Colorado, Fayette, Grimes, Harris, Parker, Waller and Wharton - who sustained damage or losses from the storms and flooding should complete the loan application even if they don't want a loan.

"Don't be fooled by the name. The SBA helps homeowners and renters, too," said Federal Coordinating Officer Kevin Hannes, who is in charge of FEMA's operations in Texas. "If you don't complete the SBA loan application, you could be leaving 'money on the table,' for your recovery." ... read more here!

WHAT YOU NEED TO KNOW

♦ SBA offers low-interest disaster loans to businesses of all sizes, most private nonprofit organizations,

homeowners and renters.

♦ Businesses may borrow up to $2 million for any combination of property damage or economic injury.

♦ SBA offers low-interest working capital loans (called Economic Injury Disaster Loans) to small businesses,

small businesses engaged in aquaculture and most private nonprofit organizations of all sizes having

difficulty meeting obligations as a result of the disaster.

♦ If you are a homeowner or renter, FEMA may refer you to SBA. SBA disaster loans are the primary

source of money to pay for repair or replacement costs not fully covered by insurance or other

compensation.

♦ Homeowners may borrow up to $200,000 to repair or replace their primary residence.

♦ Homeowners and renters may borrow up to $40,000 to replace personal property.

WHAT YOU NEED TO DO

♦ Begin by registering with FEMA, if you haven't already done so, call (800) 621-3362.

♦ Homeowners and renters should submit their SBA disaster loan application, even if they are not

sure if they will need or want a loan. If SBA cannot approve your application, in most cases they

refer you to FEMA's Other Needs Assistance (ONA) program for possible additional assistance. ... read more here!

UPDATE: Montgomery & San Jacinto Counties now included in Disaster Declaration

Aid may be available to repair or replace vehicles damaged by April floods

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