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Agricultural News

Deadlines Approaching in Texas for SBA Working Capital Loans Due to Adverse Weather Conditions

Tue, 26 Jan 2021 09:42:44 CST

Deadlines Approaching in Texas for SBA Working Capital Loans Due to Adverse Weather Conditions Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Texas small nonfarm businesses of the deadline dates to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by adverse weather conditions in the following primary counties.

Declaration Number: 16512
Primary Counties: Hansford, Hartley and Ochiltree,
Neighboring Counties: Dallam, Hutchinson, Lipscomb, Moore, Oldham, Roberts and Sherman in Texas; Quay and Union in New Mexico; Beaver and Texas in Oklahoma
Incident Type: Drought
Incident Date: Beginning June 9, 2020
Deadline: 02/24/21

Declaration Number: 16517
Primary Counties: Carson, Gaines, Hutchinson, Moore, Oldham, Potter, Roberts, Sherman, Terry and Yoakum
Neighboring Counties:Andrews, Armstrong, Cochran, Dallam, Dawson, Deaf Smith, Donley, Gray, Hansford, Hartley, Hemphill, Hockley, Lipscomb, Lubbock, Lynn, Martin, Ochiltree, Randall and Wheeler in Texas; Lee and Quay in New Mexico; Cimarron and Texas in Oklahoma
Incident Type: Drought
Incident Date: Beginning June 16, 2020
Deadline: 2/25/21

Declaration Number: 16526
Primary Counties: Briscoe, Floyd, Gray and Motley
Neighboring Counties: Armstrong, Carson, Collingsworth, Cottle, Crosby, Dickens, Donley, Hale, Hall, Hemphill, King, Lubbock, Roberts, Swisher and Wheeler in Texas
Incident Type: Drought
Incident Date: Beginning June 23, 2020
Deadline: 03/02/21

Declaration Number: 16531
Primary Counties: Hunt
Neighboring Counties: Collin, Delta, Fannin, Hopkins, Kaufman, Rains, Rockwall and Van Zandt in Texas
Incident Type: Excessive rainfall
Incident Date: Beginning Sept. 1, 2019
Deadline: 03/02/21

According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disasters. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disasters’ impact,” said Garfield.

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield added.

The interest rate is as low as 3 percent for businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared declaration TX 16512 on June 24, 2020, TX 16517 on June 25, 2020, and declarations TX 16526 and TX 16531 on July 2, 2020.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.

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. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.



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