SBA opens local disaster loan center for residents, businesses affected by May 8 storms
Loading...
Summary
The U.S. Small Business Administration has established a local disaster center in Alice to accept applications for low-interest disaster loans covering physical damage and economic injury from the May 8 storms; center will operate through June 26.
The U.S. Small Business Administration set up a disaster assistance center in Alice to accept applications for residents, business owners and nonprofits affected by the May 8 storms and outlined loan options available locally.
At a June 9 Jim Wells County Commissioners Court meeting, Gabriel Perales, public information officer with the SBA Office of Disaster Recovery and Resilience, said homeowners and renters can apply for personal property loss loans up to $100,000 and homeowners can apply for repairs or replacement loans up to $500,000. “These are disaster loan products. These aren’t grants,” Perales said. He added that the loans carry low interest rates — he cited 2.81% for homeowners and as low as 4% for business loans — and that payments and interest are deferred for one year.
Perales said businesses and nonprofits that suffered physical damage can qualify for up to $2 million in disaster loans and that the Economic Injury Disaster Loan (EIDL) program can provide up to $2 million for businesses suffering economic injury, meaning lost revenue even when the building remains intact. He said SBA staff are accepting in-person applications and assisting applicants at 601 East Main Street, first floor, through June 26, and that applications may also be filed online at sba.gov/disaster or by telephone at +1 806592955.
Why it matters: The center offers a locally available federal lending option for recovery work and business continuity. Commissioners and staff asked how eligibility is determined; Perales said the SBA evaluates applicants “holistically” and that there is no fixed cutoff credit score. “We’re not looking for a pristine 800 credit score,” he said.
Supporting details: Perales clarified that contiguous counties named by the court are eligible not only for economic injury assistance but also for physical damage loans. He encouraged anyone with possible damage to apply, noting approval does not require accepting the loan. The court did not take a formal vote on the SBA program; the presentation was informational.
The county judge thanked Perales and reminded residents the center’s hours and location were available in court communications.
