SBA Offers Disaster Assistance to Texas Businesses, Residents Affected by Watson Grinding & Manufacturing Facility Explosion

The Small Business Administration (SBA) has announced that low-interest federal disaster loans are available to Texas businesses and residents affected by the Watson Grinding and Manufacturing Facility explosion that occurred Jan. 24, 2020. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Greg Abbott on Feb. 11, 2020.

The disaster declaration makes SBA assistance available in Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, and Waller counties.

Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster. Beginning Wednesday, Feb. 19, SBA disaster recovery specialists will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application:

CITY OF HOUSTON
Disaster Loan Outreach Center
Brenda and John Duncan YMCA
Multipurpose Room B
10655 Clay Road
Houston, TX  77041

Opens 10 a.m. Wednesday, Feb. 19

Tuesdays – Saturdays, 10 a.m. – 7 p.m.

Closes 7 p.m. Thursday, March 5

No appointment is necessary.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.75 percent for businesses, 2.75 percent for private nonprofit organizations and 1.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Individuals who are deaf or hard of hearing may call (800) 877-8339.

The deadline to apply for property damage is April 13, 2020.

The deadline to apply for economic injury is Nov. 13, 2020.