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SBA: More than $21 million in low-interest disaster loans offered to flood survivors; physical-damage deadline approaching
Summary
The Small Business Administration reported about 1,900 applications and $21 million in loan offers as of last Friday, reminded residents the physical-damage application deadline is Sept. 28, and outlined economic-injury deadlines into 2026.
A U.S. Small Business Administration public information officer told the Kerr County Commissioners Court on Sept. 22 that the agency has offered more than $21 million in low-interest disaster loans to survivors of the July 4 flooding and has received roughly 1,900 applications as of the previous Friday.
Gabriel Perales, public information officer for SBA’s Office of Disaster Recovery and Resilience, briefed the court on program details and deadlines. He said the deadline to apply for physical-damage loans was Sept. 28 and that SBA was transitioning to economic-injury disaster loans — which help businesses with working capital — with an application deadline of April 6, 2026.
Perales said homeowners can qualify for up to $500,000 at interest rates “as low as 2.81%” for up to 30 years with no payments and no interest in the first year; renters and homeowners can apply for up to $100,000 for personal property losses; nonprofits and businesses can apply for up to $2 million at rates described by Perales (nonprofit rate example 3.62%). He also noted qualifying borrowers who had physical-damage loans could request up to an additional 20% of total loss for mitigation work.
Perales said SBA was exploring whether to extend the physical-damage deadline or to provide a limited agency extension, but as of Sept. 22 the deadline remained Sept. 28. He emphasized there is no cost to apply and encouraged survivors who were uninsured or underinsured to submit applications before the deadline.
Court members asked about the split between homeowner and business loan dollars; Perales estimated historically about a 75/25 split in favor of homeowners and renters for disaster programs but said he did not have contemporaneous exact figures beyond the aggregated loan-offer total he reported.
The court did not take a formal action on the SBA presentation; Perales’s update was informational and meant to remind residents of deadlines and program options.
