By George Slaughter
As Katy and its surrounding communities work to rebuild after Hurricane Harvey, the U.S. Small Business Administration offers a number of loan programs designed to get local businesses back on their feet.
Donald Fikes, a public information officer with the SBA, spoke about available loan programs and answered questions at the Katy Business Association meeting, held at Midway Barbecue, 6025 Highway Blvd., Wednesday afternoon.
Three types of disaster loans are available.
The first, the business physical disaster loan, is for a business that must repair or replace disaster-damaged property that it owns. This property can include real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, and so on, are also eligible.
The second type of disaster loan is the economic injury disaster loan. This loan is a working capital loan designed to help small businesses and nonprofit organizations meet their ordinary and necessary financial obligations that cannot be met as a direct result of the hurricane.
The deadline for loan applications for physical damage is October 24. The deadline for loan applications for economic injury is May 25, 2018. In response to a question from the audience, Fikes said it was likely that the May deadline would be extended.
As of Wednesday morning, Fikes said 6,446 loans have been made.
For more information about loans and how to apply, visit the SBA web site.
The association typically meets for lunch on the last Wednesday of the month. For more information about the Katy Business Association, visit its web site.