Small Business Administration opens disaster loan centers

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The Elgin office was opened in response to the March 21 tornadoes. Businesses and owners are encouraged to learn more about the loan options available to them.

BASTROP COUNTY, Texas — The U.S. Small Business Administration (SBA) Disaster Field Operations Center announced the opening of five Disaster Lending Centers across the state, including one in Elgin. This is a federal government effort to help residents and business owners understand the resources available to help them, as some are still rebuilding after the devastating storms in March.

The Bastrop County Tax Schedule will be open Monday through Friday from 8:00 a.m. to 4:30 p.m.

In an advisory, the SBA announced that businesses of any size and private nonprofit organizations can borrow up to $2 million to repair or replace damaged property. This money can be used for damaged or destroyed real estate, machinery, equipment, inventory and other business inventory assets. In addition to this, the SBA will also lend funds to businesses and homeowners for improvement projects designed to protect, prevent, or minimize similar types of damage in the future.

RELATED: Local organizations step in to provide tornado relief

Officials say disaster relief loans of up to $200,000 are also available to homeowners to repair or replace damaged or destroyed real estate. Landlords and tenants are entitled to a maximum of $40,000 to repair or replace damaged or destroyed personal property.

In terms of interest rates, the SBA said they can be as low as 2.94% for businesses, 1.875% for private nonprofits, and 1.438% for homeowners and renters with terms up to 30 years.

It is important to note that the SBA determines assistance on an individual basis. Officials will make this decision based on each applicant’s financial situation.

More information can be found by visiting the SBA’s website or calling their Customer Service Center at 1-800-659-2955.

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