Young County small businesses eligible for SBA disaster loans
Small nonfarm businesses in Young County and 106 other Texas counties stricken by drought are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration, an agency official said.
Tanya N. Garfield, director of SBA’s Disaster Field Operations Center-West, said the loans offset the economic losses caused by the drought Nov. 1, 2021. Young County is one of the 23 primary counties where the disaster declaration was made.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster April 22, 2022.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.83 percent for businesses and 1.875 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. For people who are deaf, hard of hearing or have a speech disability, please dial 7-1- 1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Cen ter, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is Dec. 22, 2022.
Primary Texas counties: Hays, Throckmorton, Titus, Tom Green, Trinity, Upshur, Upton, Uvalde, Val Verde, Van Zandt, Ward, Webb, Wheeler, Wichita, Wilbarger, Wilson, Winkler, Wise, Wood, Yoakum, Young, Zapata and Zavala;
Neighboring Texas counties: Andrews, Angelina, Archer, Atascosa, Bandera, Baylor, Bexar, Blanco, Caldwell, Camp, Clay, Cochran, Coke, Collingsworth, Comal, Concho, Cooke, Crane, Crockett, Denton, Dimmit, Donley, Duval, Ector, Edwards, Foard, Franklin, Frio, Gaines, Glasscock, Gonzales, Gray, Gregg, Guadalupe, Hardeman, Harrison, Haskell, Hemphill, Henderson, Hockley, Hopkins, Houston, Hunt, Irion, Jack, Jim Hogg, Karnes, Kaufman, Kinney, Knox, La Salle, Loving, Marion, Maverick, McMullen, Medina, Menard, Midland, Montague, Morris, Palo Pinto, Parker, Pecos, Polk, Rains, Reagan, Real, Red River, Reeves, Roberts, Runnels, San Jacinto, Schleicher, Shackelford, Smith, Starr, Stephens, Sterling, Sutton, Tarrant, Terrell, Terry, Travis and Walker;
Neighboring New Mexico county: Lea;
Neighboring Oklahoma counties: Beckham, Cotton, Jackson, Roger Mills, Tillman.