The Deadline Nears for SBA Disaster Loans

Residents and businesses affected by
the heavy rains and flooding the end of
April have only two weeks to apply for
a disaster loan from the Small Business

Rod Rice has more.

The deadline is July 14th.  The SBA’s Mark Randle says the loans are for uninsured loses but that doesn’t mean you can’t apply before you’ve settled things with your insurance company.

“It’s best if anybody has any damage to come and apply to us to find out what they’re eligible for, to get their application in before the deadline, then they’ll have plenty of time to figure out later if they need the loan or not.”

Randle says if the SBA loan comes through before insurance that’s okay too.

“People will actually take the loan and make the repairs and when insurance comes they use insurance to pay down the loan.”

These low interest loans are for homeowners, renters, businesses and private and non-profit groups whose property was damaged by rain and flooding on April 27th and 28th in Harris and surrounding counties. 

Homeowners can get up to 200-thousand dollars to repair or replace real estate and homeowners and renters can get up to 40-thousand dollars for personal property losses.

Businesses and private and non-profit groups can get up to two-million dollars and Randle says there is even money available for capital losses.

“And that’s regardless of whether they had any damage to their property.”

The easiest way to apply is at the SBA website. Again the deadline is July 14th.