SBA offers low-interest loans to North Texas businesses, homeowners impacted by August flooding

The Small Business Administration is offering low-interest loans to North Texas businesses and homeowners dealing with serious damage from the August flood. The SBA issued a disaster declaration after a request from Gov. Greg Abbott earlier this week.

FORT WORTH, Texas - The Small Business Administration is offering low-interest loans to North Texas businesses and homeowners dealing with serious damage from the August flood.

The SBA issued a disaster declaration after a request from Gov. Greg Abbott earlier this week.

You can hear the devastation in Miriam Clouse’s voice as she watched flood water rush through her east Fort Worth home. She was in the front yard on Aug. 22 when she recorded cell phone video.

Her husband, Jimmy Clouse, was stuck in the backyard. He frantically tried to shovel water away from the back door but was unsuccessful.

Their entire home is now gutted. But to make the costly repairs, he’s going to need a loan.

"With everything was $83,000 in damage," he said.

Jimmy is one of many in North Texas that the SBA wants to meet with starting next week.

Spokesperson Barbara Nitis says the SBA is prepared to offer up to $200,000 to homeowners for physical damages, up to $40,000 to homeowners and renters for damage to personal belongings and up to $2 million for businesses and nonprofits who suffered property damage or economic loss.

"We are offering disaster assistance for businesses of all sizes: homeowners, renters, non-profit organizations including places of worship," she said.

The damage must have occurred between Aug. 22 and Aug. 25.

Nitis explains why the SBA is offering low-interest loans rather than FEMA stepping in to offer assistance.

"If it was multiple counties and more of a bigger source, that’s the reason why it hasn’t been declared as a FEMA," she said.

Nitis says their goal is to help those who are uninsured or underinsured, like the Clouse family, who didn't have flood insurance at the time.

"Unfortunately, we had an emergency fund. Just not an $83,000 of an emergency fund," Jimmy said.

There will be two officers in Dallas and Balch Springs. They open Monday at 9 a.m.