Navigating SBA Disaster Assistance in Gun Barrel City

Understanding the Impact: Severe Storms and Recovery Efforts

Gun Barrel City, Texas, recently experienced severe storms, straight-line winds, and flooding from April 26 through June 5, 2024. These natural disasters caused significant damage to homes, businesses, and infrastructure, affecting the lives and livelihoods of many residents. In the wake of these events, the U.S. Small Business Administration (SBA) has stepped forward to provide vital disaster assistance to those impacted. This article outlines the available SBA resources and how the community can access support during this challenging time.

Comprehensive Support for All Affected

The SBA offers a range of disaster recovery loans designed to meet the needs of businesses, homeowners, renters, and non-profit organizations. As the largest source of funds for privately damaged properties post-disaster, the SBA's support is crucial for the recovery of businesses in the area.  According to Miranda Perry, a Business Advisor at the Trinity Valley Small Business Development Center, the SBA is committed to assisting all affected parties. "We are here to help businesses of all sizes, homeowners, renters, and private non-profits rebuild and recover," Perry stated.

Available SBA Disaster Loans

1. Business Physical Disaster Loans: These loans are available to businesses of any size and private non-profit organizations. They are intended to repair or replace disaster-damaged property, including real estate, inventories, supplies, machinery, and equipment.
2. Economic Injury Disaster Loans (EIDL): These working capital loans help small businesses, small agricultural cooperatives, and most private non-profit organizations meet their ordinary and necessary financial obligations that cannot be met due to the disaster. They are designed to assist through the disaster recovery period.
3. Home Disaster Loans: Homeowners and renters can apply for loans to repair or replace disaster-damaged real estate and personal property, including vehicles.

Loan Terms and Conditions

The SBA provides flexible loan terms based on the borrower's ability to repay, with terms extending up to 30 years. Interest rates are determined by whether the applicant has credit available elsewhere. For example:

• Home Loans: 2.688% for those without credit available elsewhere and 5.375% for those with credit available elsewhere.
• Business Loans: 4.000% for those without credit available elsewhere, and 8.000% for those with credit available elsewhere.
• Non-Profit Organizations: Fixed at 3.250%.

The maximum loan amounts vary by category, with business loans capped at $2,000,000, home loans at $500,000 for real estate repairs, and personal property loans at $100,000.

Accessing SBA Assistance

A Disaster Recovery Center was established at the Henderson County Senior Citizens Center, 3344 TX 31 East, Athens, Texas. Here, affected individuals can receive in-person assistance with their SBA loan applications. Additionally, Susheel Kumar, an SBA representative, can provide outreach and information. Residents and business owners can contact him directly for guidance on SBA programs:

Susheel Kumar
Public Information Officer
Office of Disaster Recovery and Resilience
Field Operations Center - West
U.S. Small Business Administration
Cell Phone: 916 -878-1495
Susheel.kumar@sba.gov

For those who prefer online assistance, applications for disaster loans can be submitted through the MySBA Loan Portal at lending.sba.gov. The SBA's Customer Service Center is also available for support via email at disastercustomerservice@sba.gov or by phone at 1-800-659-2955.

Important Deadlines and Next Steps

It is crucial for those impacted to act swiftly. One of the SBA loan programs has a July 16, 2024 deadline. Residents and business owners in the declared disaster area are encouraged to immediately explore their options and apply for assistance.

Gun Barrel City's resilience is evident as the community bands together to rebuild and recover. The SBA's comprehensive disaster assistance programs provide a lifeline for those affected, ensuring they have the support needed to restore their homes, businesses, and lives.