SBA loans help Valley community recover from March flood

HARLINGEN, Texas (ValleyCentral) — The Small Business Administration encourages the Rio Grande Valley community impacted by the flooding that occurred in March to apply for SBA business, home, or rental loans.

According to the Public Information Officer of SBA, Gabriel Perales, the SBA is offering disaster recovery assistance. Homeowners affected by the flooding qualify for up to $500,000 to either repair or replace damages to their home and an additional $100,000 for personal losses inside the home, including vehicles.

Home renters also qualify for up to $100,000 in personal losses, including vehicles.

Full list of 4 FEMA recovery centers across the Valley

Those impacted can receive a loan with a low interest rate of 2.75% for a 30-year term with no payments and interest for the first year.

Additionally, businesses impacted by the flooding may also apply for SBA funding and receive up to 2 million with an interest rate as low as 4%, for a 30-year term without payments, and interest during the first year. Payments begin after the first installment of the loan is received.

"SBA helps facilitate, filling in the gap, getting the funding that you need to ensure you're back to health financially, the way you were prior to the flooding in March," Perales said.

SBA is launching multiple offices in Willacy, Cameron, Hidalgo, and Starr Counties. Four offices will be opening Thursday at 8 a.m. to 7 p.m. To request financial assistance, visit any of the FEMA recovery centers across the Valley.

The deadline to request assistance is July 21.