The Small Business Administration is offering loans and free services to help Texas businesses recover from Hurricane Beryl, with application deadlines set for September 10, 2024, and April 14, 2025.
Small Business Administration Offers Low-Interest Loans and Free Services to Help Texas Small Businesses Recover from Hurricane Beryl
According to the report of Inc., after Hurricane Beryl hit Houston on July 8, 2024, many small businesses are struggling to recover. The storm caused heavy flooding and power outages, affecting 2.7 million people and killing at least 20. To help, the Small Business Administration (SBA) has opened a center in Galveston, Texas, offering loans and free services like business evaluations and recovery options.
The UH SBDC is providing free assistance at 14 locations. SBA spokesperson Susheel Kumar emphasized the urgent need for funds to help businesses recover. Companies in Texas’ disaster areas can apply for low-interest loans up to $2 million, with a one-year grace period before interest begins.
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$2.7M in Relief: Small Business Administration Offers Low-Interest Loans to Houston Small Businesses Devastated by Hurricane Beryl (PHOTO: Arizona Daily Star)
Small Business Administration Hosts Informational Sessions to Guide Texas Small Businesses on Hurricane Beryl Loan Applications
The Small Business Administration is also holding sessions to explain the loan application process and encourage all affected businesses to apply. Elizabeth Vargas, another Small Business Administration spokesperson, advised businesses not to rule themselves out and noted that each case is reviewed individually. The deadlines to apply are September 10, 2024, for property damage and April 14, 2025, for economic injury. With the Small Business Administration’s support, there is hope for the local economy to recover and thrive again.
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