SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding businesses, nonprofit organizations, homeowners and renters in Texas of the March 17, 2025 deadline to apply for low interest federal disaster loans to offset losses from physical damage caused by the severe storm, tornadoes and straight-line winds that occurred Dec. 28, 2024.
The disaster declaration covers the counties of Brazoria, Fort Bend, Galveston, Grimes, Harris, Liberty, Matagorda, Montgomery, San Jacinto, Walker, Waller and Wharton.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.
The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for small businesses and private nonprofit (PNP) organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.
To apply online, visit SBA.gov/disaster. 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. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for physical damage loans is March 17.
