Small Business Administration opens disaster relief loan centers

Shaun H. Ruff

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The Elgin office was opened in response to the March 21 tornadoes. Business and homeowners are encouraged to learn more about loan options available to them.

BASTROP COUNTY, Texas — The U.S. Small Business Administration’s (SBA) Disaster Field Operations Center announced the opening of five Disaster Loan Outreach Centers across the state, including one in Elgin. This is an effort by the federal government to help residents and business owners understand the resources available to help them as some are still rebuilding from the devastating March storms.

The Bastrop County Tax Annex will be open Monday through Friday from 8 a.m. until 4:30 p.m.

In an advisory, the SBA announced businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged property. That money can be used toward damaged or destroyed real estate, machinery, equipment, inventory and other business inventory assets. In addition to this, the SBA will also lend funds to businesses and homeowners toward improvement projects designed to protect, prevent or minimize similar types of damage in the future. 

RELATED: Local organizations step up to provide tornado relief

Officials say disaster relief loans up to $200,000 are also available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for a maximum of $40,000 to repair or replace damaged or destroyed personal property.

In terms of interest rates, the SBA said those can be as low as 2.94% for businesses, 1.875% for private nonprofit organizations and 1.438% for homeowners and renters with terms up to 30 years.

It’s important to note the SBA determines assistance on an individual basis. Officials will make that determination based on each applicant’s financial condition.

More information can be found by visiting the SBA’s website or calling their customer service center at 1-800-659-2955.

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