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Small Business Administration Announces Low-Interest Loans |
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Small, non-farm businesses in 99 Texas counties, including Galveston, Harris, Brazoria and Chambers, may now apply for low-interest disaster loans from the U.S. Small Business Administration, the agency announced Friday.
These disaster loans offset economic losses because of reduced revenues caused by Hurricane Ike.
Small business and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could not 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,” said Alfred Judd of SBA. “These loans have an interest rate of 4 percent, a maximum term of 30 years, and are available to small businesses and most private, non-profits without the financial ability to offset the adverse impact without hardship.”
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact their local Farm Service Agency regarding USDA assistance.
For more information about SBA loans, call 800-659-2955 or email
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