Texas Tornadoes Trigger SBA Low-Interest Loan Bonanza
Published Date: 1/29/2025
Notice
Summary
Texas got hit hard by storms, tornadoes, and strong winds on December 28, 2024, affecting Brazoria, Montgomery, and nearby counties. The government declared a disaster, opening the door for low-interest loans to help homeowners, businesses, and nonprofits recover. You’ve got until March 17, 2025, to apply for physical damage loans and until October 16, 2025, for economic injury loans—so don’t wait!
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Homeowner low-interest disaster loans
If you are a homeowner in the declared Texas disaster area (primary: Brazoria and Montgomery; contiguous: Fort Bend, Galveston, Grimes, Harris, Liberty, Matagorda, San Jacinto, Walker, Waller, Wharton), you can apply for SBA physical disaster loans for damage from the December 28, 2024 storm. Apply by March 17, 2025 at the MySBA Loan Portal; interest rates are 5.125% if you have credit available elsewhere and 2.563% if you do not.
Business physical damage loans available
If your business was damaged by the December 28, 2024 storms in the declared Texas disaster area (primary: Brazoria and Montgomery; contiguous: Fort Bend, Galveston, Grimes, Harris, Liberty, Matagorda, San Jacinto, Walker, Waller, Wharton), you can apply for SBA physical disaster loans by March 17, 2025. Interest rates are 8.000% if you have credit available elsewhere and 4.000% if you do not.
Nonprofit physical damage loan terms
Non-profit organizations in the declared Texas disaster area (primary: Brazoria and Montgomery; contiguous: Fort Bend, Galveston, Grimes, Harris, Liberty, Matagorda, San Jacinto, Walker, Waller, Wharton) may apply for SBA physical damage loans for the December 28, 2024 event by March 17, 2025. The listed interest rate for non-profit organizations is 3.625%.
EIDL for businesses and ag cooperatives
Businesses and small agricultural cooperatives in the declared Texas disaster area affected by the December 28, 2024 incident can apply for Economic Injury Disaster Loans (EIDL) through October 16, 2025. The interest rate listed for businesses and small agricultural cooperatives without credit available elsewhere is 4.000%.
EIDL for non-profit organizations
Non-profit organizations in the declared Texas disaster area affected by the December 28, 2024 incident may apply for Economic Injury Disaster Loans (EIDL) through October 16, 2025. The interest rate listed for non-profit organizations without credit available elsewhere is 3.625%.
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Department and Agencies
Related Federal Register Documents
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