Low Interest Disaster Loans Available

Published on October 28, 2022

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Low-interest federal disaster Small Business Association (SBA) loans are available in Dallas and Tarrant Counties for businesses and residents who received damage from severe storms and flooding that occurred August 22-25, 2022.

  • The deadline to apply for physical damage is November 14, 2022. For Economic Injury Disaster Loan, the deadline is June 14, 2023.
  • City of Grand Prairie Emergency Management encourages people to complete the SBA application even if they are not sure if they need it yet.  If approved, the loan becomes an option.
  • Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

 

Businesses

Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations).

Economic Injury: for businesses and private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.

Individuals and Families

Homeowners: up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property.

Renters: up to $40,000 to repair or replace personal property.

Interest rates can be as low as 3.040 percent for businesses, 1.875 percent for private nonprofit organizations and 2.88 percent 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.

Three Ways to Apply for Disaster Help(PDF, 85KB) - ENGLISH AND SPANISH (PDF)

SBA Disaster Loans Fact Sheet(PDF, 166KB) - ENGLISH (PDF)

SBA Disaster Loans Fact Sheet(PDF, 96KB) - SPANISH (PDF)

SBA Disaster Loan Outreach Center Info.(PDF, 73KB) - ENGLISH (PDF)

SBA Disaster Loan Outreach Center Info.(PDF, 73KB) - SPANISH (PDF)

 

 

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