CITY & COUNTY
News from Round Rock & Williamson County
SBA disaster loan outreach center now open at Clay Madsen Recreation Center
Disaster loans from the U.S. Small Business Administration come with lower interest rates and may be used to assist those impacted by natural disasters in multiple ways:
Up to $200,000 loans to repair damaged or destroyed real estate
Additional funds to cover costs of improvements to prevent, protect or minimize the same type of disaster damage in the future Up to $40,000 to repair damaged or destroyed personal property
WILLIAMSON COUNTY The U.S. Small Business Administration issued a disaster declaration for Williamson County based on damage caused by tornadoes that struck the area earlier in the year. Among other assistance measures, the May 2 declaration qualifies Round Rock residents and business owners impacted by the March 21 tornado for low-interest federal disaster loans. The SBA’s Disaster Field Operations opened a loan outreach center at Clay Mad- sen Recreation Center on May 16 that will be open from 9 a.m.-6 p.m. Monday through Friday, and no appointments are necessary, according to the city of Round Rock. Tanya N. Garfield, SBA Disaster Field Operations Center-West director, stated via a city announcement that customer service representatives will be available at the Clay Madsen center to assist in the application process and help file the electronic loan application. The disaster loans are capped at $200,000
and are available to homeowners to repair or replace damaged or destroyed real estate, according to the SBA. Information from the city of Round Rock states homeowners and renters are eligible for up to $40,000 to repair or replace dam- aged or destroyed personal property. Any business or private nonprofit orga- nizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inven- tory, and other business assets, according to the city’s announcement. SBA Economic Injury Disaster Loans help meet working capital needs of small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size that saw damages as a result of the designated disaster. This assistance is avail- able regardless of any property damage. Application deadlines are July 5, 2022, for property damage and Feb, 6, 2023, for economic injury.
Businesses, nonprofits can borrow up to $2 million to repair real estate, machinery and equipment, inventory or other business assets
Interest rates and terms:
• 2.94% percent for businesses • 1.88% for private nonprofit organizations • 1.44% for homeowners and renters • Terms up to 30 years
HOW TO GET ASSISTANCE
More information about the disaster loan program is available at https://disasterloanassistance.sba.gov. Applicants may also call the SBA Customer Service Center at 800-659-2955 or email firstname.lastname@example.org for more information.
SOURCES: CITY OF ROUND ROCK, U.S. SMALL BUSINESS ADMINISTRATION/ COMMUNITY IMPACT NEWSPAPER
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