SBA offering low-interest disaster loans in Dallas County
SBA offers low-interest disaster loans in DalCo
The Small Business Administration is stepping in to help those dealing with damage from the storms in Dallas County earlier this month.
IRVING, Texas - The Small Business Administration is stepping in to help those dealing with damage from the storms in Dallas County earlier this month.
Dallas County Storm Damage
SBA offering low-interest disaster loans in Dallas County
The Small Business Administration is stepping in to help those dealing with damage from the storms earlier this month. FOX 4's Paige Ellenberger explains.
The backstory:
The National Weather Service confirmed that an EF-1 tornado, with winds topping out at 110 miles per hour, briefly touched down in Irving on March 4.
It damaged an apartment complex and neighboring homes.
Gusty winds also caused hundreds of thousands of power outages across North Texas.
Irving tornado: 85 families displaced after EF-1 twister destroys apartment complex
Students and families displaced by Tuesday’s tornado in Irving are receiving some much-needed assistance as the cleanup and recovery continue.
SBA Disaster Loans
What we know:
The SBA is helping out Dallas County storm victims by offering low-interest loans.
Homeowners and renters can apply for funding to cover property damage or loss.
Homeowners can qualify for up to $500,000 for real estate repairs and up to $100,000 for personal property loss.
Renters can qualify for loans of up to $100,000 for personal property losses, including damage to vehicles.
Small businesses and nonprofits can also apply for up to $2 million in loans if they’ve lost property or taken an economic hit because of the storms.
What you can do:
Eligible applicants can apply online at https://lending.sba.gov/.
SBA representatives will also be available at the Lively Pointe Youth Center, located on O’Connor Road in Irving, to answer questions and provide in-person assistance.
"Right now is the perfect opportunity to come down here and talk to somebody that can help to submit your application. There is no cost to apply and in a week and a half or so, you can learn if you qualify and for how much. Once you get that response, you have up to six months to think about. Once you decide to take the loan, you don't have to replay it until after a whole year and the interest doesn't accrue," said Africa Rosas, an SBA spokesperson.
The center will be open Monday through Fridays from 9 a.m. to 6 p.m. until April 11.
They do take walk-ins, but appointments are recommended.
The Source: The information in this story comes from a news release from the SBA.