By Andy Sevilla.
Hays County flood victims hit hard by the Oct. 31 storm that caused two area waterways to reach historic highs and displaced several families can now seek federal financial assistance in the form of low-interest loans.
The Small Business Administration (SBA) declared Hays and ten other Central Texas counties as disaster areas due to the damage caused by the 2013 Halloween floods, Hays County spokesperson Laureen Chernow said in an email.
The agency announced on Nov. 22 that low-interest federal loans are available to affected Texas residents and business owners. The SBA made the disaster declaration under its own authority in response to a Nov. 20 request by Gov. Rick Perry.
Flood damage in Hays, Travis and Caldwell counties – the hardest hit areas – did not meet the $35 million minimum requirement to qualify for disaster aid from the Federal Emergency Management Agency (FEMA), according to each counties’ preliminary findings. Initial estimates showed Hays County sustained just over $1 million in damage, though that number is expected to climb.
Travis County, however, may now qualify for FEMA help after damage at a wastewater treatment plant and lift station in Austin was initially overlooked during assessments. That damage could push Travis County’s total costs over FEMA’s minimum requirements, according to media reports.
The SBA announced low-interest federal disaster loans are available to homeowners, renters, businesses (large and small) and nonprofit organizations that sustained flood damage.
“The (SBA) … will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” SBA Acting Administrator Jeanne Hulit said in a statement. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
Homeowners could qualify for disaster loans up to $200,000 to repair or replace damaged homes, according to the SBA announcement. Homeowners and renters are also eligible for up to $40,000 to repair or replace personal property.
Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory and other business assets, the SBA announced. The agency will also lend additional funds to homeowners and businesses to help with improvements that protect, prevent or minimize similar damage in the future.
The agency said interest rates may be as low as 2.25 percent for homeowners and renters, 2.625 for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms will be set by the SBA and are based on each applicant’s financial condition.
The filing deadline for property damage loans is Jan. 21, 2014. The deadline for economic injury applications is Aug. 22.
How to apply
SBA representatives will only be available in person in Hays County for five days. Flood victims, however, can apply at any SBA sites, including in Travis and Caldwell counties.
Hays County:
Hays County Precinct 2 Office, 5458 FM 2770, in Kyle (at the corner of Crystal Meadow Drive across from Barton Middle School). SBA representatives will be on hand beginning Tuesday Dec. 3, and Mondays through Wednesdays from 9 a.m. to 6 p.m. until Dec. 11.
Travis County:
Dove Springs Recreation Center, 5801 Ainez Drive, in Austin. SBA representatives will be on hand Mondays through Fridays from 9 a.m. to 6 p.m. until further notice.
Caldwell County:
Caldwell County Scott Annex, Caldwell County Office of Emergency Services, 1403 Blackjack Street, Suite E, in Lockhart. SBA representatives will be on hand beginning Thursday Dec. 5, and Thursdays and Fridays from 9 a.m. to 6 p.m. until Dec. 12.
Applicants can also apply online at http://disasterloan.sba.gov/ela or by calling the agency’s Customer Service Center at (800) 659-2955.
