Businesses, residents in Wichita Co. can now apply for federal disaster loans

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Snowplows works to clear the road during a winter storm Sunday, Feb. 14, 2021, in Oklahoma City. Snow and ice blanketed large swaths of the U.S. on Sunday, prompting canceled flights, making driving perilous and reaching into areas as far south as Texas’ Gulf Coast, where snow and sleet were expected overnight. (AP Photo/Sue Ogrocki)

WICHITA COUNTY (KFDX/KJTL) — Businesses and residents in Wichita County can now apply for low-interest federal disaster loans after President Joe Biden approved a major disaster declaration for Texas.

The declaration covers 77 Texas counties as a result of the severe winter storms that began on Feb. 11, 2021.

According to officials from the U.S. Small Business Administration, SBA will set up the Virtual Business Recovery Center to provide specialized assistance for businesses impacted by the storms.

SBA will also establish the Virtual Disaster Loan Outreach Center to help home-owners and renters.

“SBA is strongly committed to providing Texas with the most effective and customer-focused response possible and with access to federal disaster loans to help businesses and residents affected by this disaster,” U.S. Small Business Administration’s acting Administrator Tami L. Perriello said. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to a press release sent from SBA officials.

Officials also said disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.

Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates for the loans are as follows:

  • As low as 3% for businesses
  • 2% for private, non-profit businesses
  • 1.25% for homeowners and renters with terms up to 30 years

Loan amounts and terms are set by SBA and are based on each applicant’s financial condition, officials said.

Look below for a full list of all the counties included in this declaration, and for more information on the disaster loans:

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