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Blog Post
The Three Step Process: Disaster Loans
East Texas Regional Development Company • Mar 20, 2020
Texas has been approved for Disaster Loans
The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.
Step 1: Apply for Loan
- Apply:
- online; in-person at a disaster center; or by mail.
- Apply online at the SBA’s secure website disasterloan.sba.gov/ela.
- Click here to see what you could borrow
Step 2: Property Verified and Loan Processing Decision Made
- SBA reviews your credit before conducting an inspection to verify your losses.
- An SBA verifier will estimate the total physical loss to your disaster damaged property.
- A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries. SBA can make a loan while your insurance recovery is pending.
- A loan officer works with you to provide all the necessary information needed to reach a loan determination. Our goal is to arrive at a decision on your application within 2 - 3 weeks.
- A loan officer will contact you to discuss the loan recommendation and your next steps.
- You will also be advised in writing of all loan decisions.
Step 3: Loan Closed and Funds Disbursed
- SBA will prepare and send your Loan Closing Documents to you for your signature.
- Once we receive your signed Loan Closing Documents, an initial disbursement will be made to you within 5 days:
- Physical damage:
- $25,000
- Economic injury (working capital):
- $25,000 (In addition to the Physical damage disbursement)
For more detailed information and a full list of required documentation visit disasterloan.sba.gov.
The East Texas Regional Development Company will sponsor an East Texas Lenders Roundtable hosted by UT Tyler-Longview Small Business Development Center (SBDC) and the Small Business Administration to discuss SBA 7a loans and 504 lending basics. Expert panelists will discuss various loan programs and resources to help businesses increase their portfolios and obtain financing.
The Office of the Governor has announced the launch of a new recovery program, the Texas Travel Industry Recovery Grant Program (TTIR), which will begin accepting applications on July 6, 2022. The purpose of this program is to provide grants to Texas businesses in the tourism, travel, and hospitality industry that were negatively impacted due to COVID-19.
Applications Due by December 31
Administered by ETCOG