Drought loan assistance available to Frio, La Salle small businesses

PROTECTED CONTENT

If you’re a current subscriber, log in below. If you would like to subscribe, please click the subscribe tab above.

Lost your password?

Username and Password Help

Please enter your email and we will send your username and password to you.

← Back

Small non-farm businesses in Frio and La Salle counties are among those in seven Texas counties now eligible to apply for low interest federal disaster loans from the US Small Business Administration.
SBA Disaster Field Operations Center-West Director Tanya N. Garfield said the loans offset economic losses because of reduced revenues caused by drought that began on January 31.
Severe drought conditions primarily affected these businesses in La Salle County but also in neighboring Atascosa, Dimmit, Duval, Frio, McMullen and Webb counties.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit 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 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,” she said. “These loans have an interest rate of 3.305 percent for businesses and 2.375 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship.”
By law, SBA makes economic injury disaster loans available when the US secretary of agriculture designates an agricultural disaster. The secretary declared the disaster on March 24.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the US Department of Agriculture assistance made available by the secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The application deadline is November 24.