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Low-Interest Federal Disaster Loans Available for Texas Businesses and Residents Impacted by Severe Storms and Flooding
In the wake of the severe storms, straight-line winds, tornadoes, and flooding that hit Texas starting on April 26, residents and businesses in Walker County now have access to low-interest federal disaster loans to help with recovery efforts. The U.S. Small Business Administration (SBA) is offering these loans to those affected by the disaster, with interest rates as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations, and 2.688 percent for homeowners and renters.
These loans can be used to cover a variety of expenses, including repairs to primary residences, replacement of personal property, and rebuilding of damaged property for businesses. Additionally, SBA offers Economic Injury Disaster Loans to help businesses with working capital needs caused by the disaster, regardless of property damage.
One of the key benefits of these loans is that interest does not begin to accrue until 12 months from the date of the first disbursement, giving applicants some breathing room as they work to recover from the disaster. And if an application is approved, there is no obligation to accept the loan.
Residents and businesses in Walker County can apply for these disaster loans online at SBA.gov/disaster. This assistance can be crucial in helping the community rebuild and recover from the devastation caused by the recent severe weather events.
