Congressman Gonzalez Encourages Hidalgo County Businesses to Apply for SBA Recovery Loans
WASHINGTON – Congressman Vicente Gonzalez (TX-15) is encouraging businesses in Hidalgo County affected by recent severe storms and flooding to seek out available assistance provided by the U.S. Small Business Administration (SBA) at the designated Business Recovery Center in Weslaco, Texas.
“The Rio Grande Valley boosts an ever-growing small business community that can now remain afloat amid recent severe storms and flooding setbacks,” Congressman Gonzalez said. “As a former small business owner, I encourage Hidalgo County business owners to pursue available grants and loans that can help rebuild and recover our local economy.”
The center will offer one-on-one meetings to explain how the SBA can finance disaster recovery, clarify the loan application process, and help business owners complete electronic applications. Beginning Thursday, July 12, 2018, eligible applicants can seek assistance at:
Business Recovery Center - Hidalgo County
Valley Metro Regional Transit Center
510 S. Pleasantview Dr.
Weslaco, Texas 78596
8:00 a.m. – 5:00 p.m., Monday – Friday
Business owners who are unable to visit the Business Recovery Center, may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.
“Due to severe property damage and economic losses these storms inflicted on Texas businesses, we want to provide every available service to help get them back on their feet,” Tanya N. Garfield, Director of SBA’s Disaster Field Operations Center-West said. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives and Small Business Development Center counselors will be available to meet individually with each business owner.”
Businesses of any size 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. These loans cover losses that are not fully covered by insurance or other recoveries. The deadline to apply for property damage is Tuesday, September 4, 2018.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offer Economic Injury Disaster Loans to help meet working capital needs cause by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is Monday, April 8, 2019.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.61 percent for businesses, 2.5 percent for private nonprofit organizations and 1.938 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.
To receive additional forms of disaster assistance, eligible applicants can visit SBA’s website at www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at 1 (800) 659-2955 or email firstname.lastname@example.org for more information. Individuals who are deaf or hard of hearing may call 1 (800) 877-8339.
Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center at 14925 Kingsport Road, Fort Worth, Texas 76155.