The U.S. Small Enterprise Administration (SBA) is now offering low-interest federal catastrophe loans to small nonfarm companies in 15 Texas counties impacted by drought that started on February 14, 2023.

Small nonfarm companies within the major counties of Armstrong and Sutton, in addition to neighboring counties Briscoe, Carson, Crockett, Donley, Edwards, Grey, Kimble, Menard, Potter, Randall, Schleicher, Swisher, and Val Verde are eligible to use for the loans. The SBA loans are designed to assist companies depending on farmers and ranchers who’ve skilled agricultural manufacturing losses because of the drought, in addition to these immediately affected by the catastrophe.

Eligible companies embody small agricultural cooperatives, small companies engaged in aquaculture, and most non-public nonprofit organizations of any dimension. They might qualify for Financial Damage Catastrophe Loans of as much as $2 million to assist meet monetary obligations and working bills, which may have been met if the drought had not occurred.

These loans are based mostly solely on the monetary impression of the catastrophe and never on any precise property harm. The loans have an rate of interest of 4% for companies and a couple of.375% for personal nonprofit organizations, with a most time period of 30 years. They’re accessible to small companies and most non-public nonprofits that lack the monetary capability to offset the antagonistic impression with out hardship.

Whereas companies primarily engaged in farming or ranching will not be eligible for SBA catastrophe help, nurseries can apply for SBA help in drought disasters. Agricultural enterprises ought to contact the Farm Providers Company concerning the U.S. Division of Agriculture help made accessible by way of the Secretary’s declaration.

To use for these loans, candidates can go to the SBA web site at https://disasterloanassistance.sba.gov/, name the SBA Buyer Service Heart at (800) 659-2955, or electronic mail disastercustomerservice@sba.gov. Accomplished purposes ought to be mailed to U.S. Small Enterprise Administration, Processing and Disbursement Heart, 14925 Kingsport Street, Fort Value, TX 76155. The deadline for making use of for financial harm is December 7, 2023.

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