North Texas homeowners, businesses, nonprofit organizations, renters and car owners who experienced economic loss and property damage from the August flood can now apply for federal loans.
The U.S. Small Business Administration opened disaster relief loans for people affected by the August 22-25 flood. The emergency declaration opens up SBA assistance to Collin, Dallas, Denton, Ellis, Kaufman, Rockwall and Taran counties, according to an administration press release.
The torrential rains caused an estimated $6 billion in property damage and economic damage, according to a report by Aqueather. Senior Administrator Isabella Casillas Guzman said the agency is ready to help.
“We are committed to providing federal disaster loans quickly and efficiently with a customer-centric approach to help businesses and communities recover and rebuild,” she said in a statement.
Businesses, nonprofits, and churches can apply for up to $2 million in loans for real estate, inventory, machinery, and equipment repairs and replacements. The deadline for disability loans is Nov. 14, spokeswoman Barbara Nitis said.
To replace income lost during the flood, these organizations can apply for economic impact loans of up to $2 million. The due date for these loans is June 14, 2023, Nitis said.
Homeowners can get a loan of up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property. Tenants can apply for a personal property loan of up to $40,000. Those who have been injured by a car can also apply for relief, Nitis said.
Interest rates can be as low as 3.04 percent for businesses, 1.875 percent for nonprofits and 2.188 percent for homeowners and renters for up to 30 years, the agency said. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Affected individuals can apply online at https://disasterloanaassistance.sba.gov/ or call the SBA Customer Service Center at (800) 659-2955. On Monday, the administration opened two emergency loan distribution centers in Samuel-Grand Recreation Center and Balch Springs Recreation Center. The centers offer one-on-one, walk-in services Monday through Friday from 9 a.m. to 5 p.m.