SBA Disaster Loans Surpass $2 Billion to Help Businesses and Individuals Hurt by Hurricane Harvey

SACRAMENTO, Calif., Nov. 8 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

Administrator Linda McMahon, head of the U.S. Small Business Administration, announced today that the SBA has approved more than $2 billion in low-interest federal disaster loans to help Texas businesses and residents impacted by Hurricane Harvey.

"I deeply appreciate the hard work done by SBA's Disaster Assistance employees, our volunteers from SBA district and regional offices around the country and other federal agencies during the last two months," said Administrator McMahon. "It truly has been an all hands on deck response. As Texans begin the task of rebuilding their businesses, homes and communities in the aftermath of this devastating hurricane, the approval of more than $2 billion in disaster loans will go a long way towards putting people back in their homes and back to work," she continued.

So far, in just over 70 days, SBA has approved 1,435 loans for $143,630,000 to help businesses and 23,273 loans for $1,920,488,500 to help residents affected by Hurricane Harvey.

Businesses and residents who sustained damages are encouraged to register with the Federal Emergency Management Agency before the Nov. 30 extended deadline at www.disasterassistance.gov. "Don't miss out on any assistance you may be entitled to by not registering for help. You don't need to wait for your insurance to settle or obtain a contractor's estimate," McMahon said.

SBA representatives are still available at all federal-state Disaster Recovery Centers and five SBA Business Recovery Centers throughout the affected areas to explain SBA's disaster loan program, help business owners and residents complete their electronic loan application and close their approved disaster loans. Additional information and details on the location of the centers is available by calling (800) 659-2955 or visiting SBA's website at www.sba.gov/disaster.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help businesses and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Applicants may apply online using SBA's secure website at https://disasterloan.sba.gov/ela.

Applicants may receive additional disaster assistance information by visiting www.sba.gov/disaster. 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.

The deadline to apply for property damage is Nov. 30, 2017. The deadline to apply for economic injury is May 25, 2018.

This document was posted showing the date: Nov. 7, 2017