Just like millions of households across our state, many small businesses were also impacted by the severe winter storm last week. Local businesses play a critical role in making Collin County the remarkable community it is today and I wanted to ensure business owners have information on the programs and resources that may be available.
As a result of the Disaster Declaration, low-interest federal disaster loans are available to qualifying North Texas businesses and even residents through the Small Business Administration (SBA). Eligible businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory, and other business assets that were damaged or destroyed by the winter storm.
The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
Disaster loans with low interests rates up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate and up to $40,000 to repair or replace damaged or destroyed personal property.
To help businesses navigate the programs and resources available, the SBA launched a new Virtual Business Recovery Center and a Virtual Disaster Loan Outreach Center to assist Texans as they work towards recovery. Experts will be available from 7:00 AM –7:00 PM CT to answer questions about SBA’s disaster loan program, explain the application process, and help candidates complete their applications. Those in need of assistance can contact the SBA by calling (800) 659-2955 or emailing FOCWAssistance@sba.gov.
Please note, before applying for SBA assistance, applicants must first contact the Federal Emergency Management Agency (FEMA). More information about FEMA disaster programs can be found on my website.
If you have questions about the information provided in this email, or need further assistance working with the Small Business Administration, please contact my office at (972) 202-4150.