BEAUMONT, Texas — The U.S. Small Business Association (SBA) has active loan applications with low interest rates for people who experienced damage during Hurricane Beryl.
Homeowners, renters, businesses and nonprofits are eligible for loans ranging from $100,000 to $2 million and there are local offices ready to help them walk through that process.
Many people in Southeast Texas are still in recovery mode after Hurricane Beryl rolled through in July 2024. The SBA says they're here to help.
"I've seen the positive impact that it's done for homeowners and renters especially during times like this," said SBA Public Information Officer Raenada Mason.
Hurricane Beryl stormed its way through Southeast Texas on July 8. Weeks later, some home and business owners are still dealing with damage.
"These loan funds are designed for those impacted by the disasters as long as you are in an area that's been declared," Mason said.
Homeowners and renters in Jefferson, Jasper, Orange and Chambers Counties can take advantage of the SBA's interest rates which are as low as 2.68%.
"For renters, they can qualify for up to $100,000 to help replace or repair any damaged personal property," said Mason.
Homeowners are entitled to the same opportunity, plus more.
"They also can qualify for an additional $500,000 that goes towards the repairs and replacement of the actual real estate," Mason told 12News.
For nonprofits and businesses of any size up to $200 million is available. Interest rates start at 3.25% for nonprofits and 4% for business owners.
"It's broken down into physical damage and also loss of revenue," Mason said.
Residents of Jefferson, Chambers, Jasper and Orange Counties can apply for the SBA's Renters & Homeowners loans. Economic Injury loans are available for businesses and nonprofits in Hardin, Newton and Tyler Counties.
If you're strapped for cash while trying to repair damages, both SBA and FEAM are stationed in Orange and Jasper Counties. Gabriel Gonzalez, the FEMA public information officer, is encouraging people to reach out for help.
"Relief could be serious need assistance, hotel relocation, medical expenses, the generators as well. Even if they have a doubt if they're eligible or not, please go by and get an orientation," said Gonzalez.
Mason says there's no time to waste to apply for the help you need.
"We still want you to come out and apply so that way you're not waiting to do any repairs to your home especially if it's something that needs immediate attention," Mason said.
The deadline to apply for physical damage is October 10 and for economic injury the deadline is April 14.
After you receive money from the SBA loan, you'll have 12 months before interest begins to accrue. You can apply for an SBA loan the same day you register with FEMA.