SBA approves more than $500M in disaster loans

Oct. 1, 2017 at 9:42 p.m.
Updated Oct. 2, 2017 at 6 a.m.

The U.S. Small Business Administration has approved more than $509 million in federal disaster loans for Texas businesses and residents affected by Hurricane Harvey.

The SBA has approved 446 loans for $42,110,500 for businesses and 5,566 loans for $467,661,300 for residents to help rebuild and recover from this massive storm, according to a news release.

"It's incredible the number of people applying," said Joe Humphreys, University of Houston-Victoria Small Business Development Center executive director. "People are taking advantage of it."

The deadline to apply for property damage assistance is Oct. 24. The deadline to apply for economic injury assistance is May 25, 2018.

The UHV Small Business Development Center is working with the SBA to help business owners apply, Humphreys said.

"It's an opportunity right now to get those loans - especially the economic injury, which is going to be going on for a while," he said. "Economic injury is something that people don't realize that injury until they get down the road a little bit."

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. The SBA can also lend funds to help businesses and residents with the cost of making improvements that protect from, prevent or minimize the same type of disaster damage.

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 residences. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

SBA representatives continue to meet with business owners and residents at all Federal/State Disaster Recovery Centers and five SBA Business Recovery Centers to answer questions about SBA's disaster loan program, explain the application process, help complete loan forms and close approved loans.

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Helpful information

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