Did the August flood damage your property? Texas businesses and homeowners are now eligible for low-interest loans to help with repairs caused by flooding in North Texas.
On August 22, 2022, a large storm hit North Texas, causing extensive damage to homes and businesses. More than 15 inches of rain were reported in less than a day around Dallas. The U.S. Small Business Administration issued a disaster declaration for Collin, Denton, Dallas, Ellis, Kaufman, Rockwall and Tarrant Counties. Any companies that were damaged from August 22-25 are eligible for the loan.
To see if you qualify for the loan and to apply, visit the SBA (Small Business Administration) website. You can also call the SBA’s Customer Service Center for help at 1-800-659-2955 or email [email protected].
Governor Greg Abbott previously requested the declaration for 23 counties, and the SBA followed through. Abbott said most of the damage occurred in the DFW area and that residents should file a claim with their insurance company and report damage to the Texas Division of Emergency Management. Dallas County Judge Clay Jenkins also spoke about the loan and encouraged residents to look into the loan if they require assistance.
The judge has been pushing for the loan for several weeks since the flood. “If granted, the SBA program would provide low-interest disaster loans to help businesses, non-profits, homeowners, and renters recover from declared disasters,” Jenkins stated in a Tweet.
According to KLDR News Radio (via Newsbreak), the loan guidelines allow for loans of up to $200,000 to repair real estate damage and up to $400,000 to repair personal property. Renters can also apply for loans of up to $40,000.
“Businesses can seek loans of up to $2 million to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed,” KLDR reported. “That program is available to businesses of any size and private, non-profit organizations.”