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Five South Texas Counties Eligible for Financial Assistance from the U.S. Small Business Administration

September 7, 2017

WASHINGTON – Congressman Vicente Gonzalez (TX-15) announced that the U.S. Small Business Administration (SBA) has determined that Brooks, Guadalupe, Karnes, Live Oak, and Wilson Counties are now eligible to receive financial assistance for Harvey disaster recovery. The counties of Brooks, Guadalupe, Live Oak and Wilson Counties will only be eligible for the Economic Injury Disaster Loans, while Karnes County has received full eligibility for all assistance.

"It is crucial that those affected by Harvey receive the assistance they need in a timely manner," Congressman Gonzalez said. "I thank the U.S. Small Business Administration for its efforts to provide relief to Texans and look forward to working with them as we work toward a full recovery."

The SBA will offer small businesses and homeowners in the affected areas low-interest federal disaster loans. There are three types of loans available under the SBA:

  • Business Physical Disaster Loans – Given to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Any sized business and private or non-profit organizations are all eligible.
  • Economic Injury Disaster Loans – Intended to assist small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet financial obligations that have been inhibited by a disaster.
  • Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

Applicants seeking assistance must have a credit history acceptable to SBA and must be able to show the ability to repay all loans. Collateral is required for physical loss loans over $25,000 and all Economic Injury Disaster Loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.

For further information on seeking financial assistance, please visit disasterloan.sba.gov/ela or call (800) 659-2955.

On Wednesday, Congressman Gonzalez voted for a $7.8 billion federal package, which included $450 million for SBA's disaster loan program and $7.4 billion for FEMA's Disaster Relief Fund (DRF). The legislation passed the U.S. House of Representatives by a 419-3 vote and now awaits further action by the U.S. Senate.

Issues:Economy