SBA disaster assistance offered in San Angelo

July 29--The U.S. Small Business Administration (SBA) has established a SBA Disaster Loan Outreach Center in San Angelo. It will be available starting Monday until Thursday, Aug. 17.

SBA is offering low-interest disaster loans to non-farm businesses of all sizes, private nonprofits, homeowners and renters who suffered losses caused by the wildfires that occurred June 23 through June 26, 2017.

The Disaster Loan Outreach Center is at the Tom Green County Election Office in the Edd B. and Frances Frink Keyes Building, 113 W. Beauregard Ave. Hours of operation are 8 a.m.-5 p.m. Monday through Fridays. No appointment necessary.

SBA personnel will answer questions about disaster loans, the process and individual situations, and will provide one-on-one assistance in completing applications for the loans.

Types of loans available are:

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.

Businesses:

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.

Depending on the applicant's finances, "interest rates can be as low as 3.215 percent for businesses, 2.5 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years."

The interest rate is locked in for the life of the loan.

The application deadline for property damage is Sept. 25. For economic injury applications, it's April 26.

Call 800-659-2955 or email [email protected]. People who are hard of hearing may call 800-877-8339.

More: Feds declare Tom Green County disaster

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