Washington, D.C. – June 26, 2015 – (RealEstateRama) — Congressman Rubén Hinojosa announced the Small Business Administration (SBA) will be offering residents and small business owners, who had storm damage from May 4 through June 16, 2015, loans at a low interest rate.
Congressman Hinojosa would like the residents of Deep South Texas to be aware of every possible resource for financial assistance that is available. SBA is one of those resources that can assist, if residents meet the criteria. SBA officials stated that 2 loans of $35,000 dollars have already been approved in Hidalgo County and residents will be receiving these funds in the next few days.
In Texas, SBA has approved over $20 Million dollars in loans to residents affected by flooding. As our region is home to many ranchers and farmers who were directly affected by the storm, they too can apply for an SBA loan for their home property if damaged. The United States Department of Agriculture (USDA) would be the agency to contact for those ranchers and farmers whose production was negatively impacted.
If your home or your small business suffered storm damage from May 4 through June 16, 2015 you could be considered for these claims if you meet the qualifications.
SBA – FEMA DISASTER RECOVERY CENTER INFORMATION
On-Site Location
Elections Annex – Rear of Building
317 North Closner Blvd.
Edinburg, TX 78541
Hours of Operation
6/25-6/26: 9 am – 6 pm
6/27-6/28: 9 am – 2 pm
6/29-7/3: 9 am – 6 pm
7/4: 9 am – 2 pm
Application Deadlines
o July 28th, 2015 (Physical Damage)
o February, 29, 2016 (Economic Damage)
First step is to register through FEMA, then contact the SBA
$20 million dollars in loans have been approved throughout Texas
Available
o Home Disaster Loans
o Business Physical Disaster Loans
Hidalgo County and touching counties (Cameron, Willacy
o Economic Injury Disaster Loans
Loan Rate is, generally, extremely low – 1.688%
Citizens generally receive money in 7-10 days
Credit Requirements
o Credit History, Repayment Ability, Collateral
If loan is denied
o Citizens have the option to be reconsidered after 6 months
o Where after, they may have + 30 Days to appeal if they are still denied
