A disaster declaration for North Texas communities affected by the flooding on August 22-25, 2022 has been approved by the Small Business Administration. Eligible businesses, nonprofit organizations, homeowners and renters can apply for disaster loans.
It was announced on September 15, 2022 that a disaster declaration for North Texas communities affected by the flooding has been approved by the Small Business Administration. Eligible businesses, nonprofit organizations, homeowners, and renters can apply for disaster loans.
Loans Available to Applicants
Home Disaster Loans
- Homeowners may apply for up to $200,000 to replace or repair their primary residence.
- Renters and homeowners may borrow up to $40,000 to replace or repair personal property — such as clothing, furniture, cars and appliances — damaged or destroyed in a disaster.
Business Physical Disaster Loans
- A business of any size or most private nonprofit organizations that are located in a declared disaster area and have incurred damage during the disaster, may apply for a loan to help replace damaged property or restore its pre-disaster condition.
- Loans of up to $2 million to cover disaster losses not fully covered by insurance for qualified businesses or most private nonprofit organizations.
Economic Injury Disaster Loan
- Small businesses, small agricultural cooperatives, and most private nonprofit organizations that suffered substantial economic injury (unable to meet its obligations and to pay its ordinary and necessary operating expenses.)
- Loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. These loans provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.