DALLAS - Low-interest federal loans are now available for those affected by last month’s tornado.
Storms on Oct. 20 spawned several tornadoes and caused an estimated $2 billion in damage to private property in Collin, Dallas, Denton, Ellis, Kaufman, Rockwall and Tarrant counties.
Monday is the first day for victims to apply for federal disaster assistance
The U.S. Small Business Administration is offering low-interest loans to cover uninsured losses.
Businesses can borrow up to $2 million to repair or replace damaged or destroyed property, equipment, inventory or other assets. People can borrow up to $200,000 for their homes and up to $40,000 for personal property.
“SBA is strongly committed to providing Texas with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster,” said SBA Administrator Christopher Pilkerton. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
The SBA will be taking applications at the Bachman Lake Branch Library in northwest Dallas. Applications are also available at disasterloan.sba.gov/ela.
The deadline to apply is Jan. 13.