Small businesses affected by the straight-line winds, hail and tornado that hit Dallas County last October have until Aug. 14 to apply for an SBA federal disaster loan for economic injury. Loans of up to $2 million are available to help meet working capital needs caused by the disaster, regardless of whether the applicant suffered any property damage. Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.
Interest rates are 3.875 percent for businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.