The U.S. Small Business Administration has extended the deadline by another 30 days for homeowners, renters and business owners to apply for low-interest disaster assistance loans to repair damage from Hurricane Ike.
Residents and business owners have until Dec. 12 to apply for loans to pay for repairs to their homes or properties damaged by the storm, which struck Sept. 13.
As of Monday, the administration has approved 924 applications totaling $64 million in loans in Galveston County.
Although the number of applications seems low considering the catastrophic damage Ike wrought on the county, flooding thousands of homes and businesses, administration officials say the flow of requests has been typical.
Also, the number of applicants grows daily, spokesman Roger Busch said.
The administration could not supply data Monday about how many residents and business owners in Galveston County applied for loans but were rejected.
In Texas, the administration has approved 3,682 applications, totaling $206 million.
Homeowners are eligible for up to $200,000 in structural damage. The administration also offers up $40,000 in loans for homeowners and renters for loss of personal items, such as furniture, appliances, clothing and privately owned vehicles. The administration offers interest rates as low as 2.875 percent and up to 30 years for repayment for loans to homeowners and residents.
Businesses can apply for up to $2 million in loans with interest rates as low as 4 percent and up to 30 years to repay the loans.
Whether residents or business can get an SBA loan, and how low their interest rates would be, depends on their ability to obtain credit in the private market.
Administration officials urge people or businesses to also register with the Federal Emergency Management Agency and also avail themselves to resources from that program.
If the Small Business Administration doesn’t approve an application, it can refer it back to FEMA, Busch said.
Even if business or individuals don’t think they need loans, they should apply before the deadline, Busch said.
“We’re really trying to get the word out there,” Busch said. “They can apply for the loan, but they don’t have to take it. Usually, they want it after we leave.”
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How to apply
Dec. 12 is the last day for residents and business owners to apply for an SBA loan.
Applicants must first register with the Federal Emergency Management Agency before filling out a loan application.
Applications can be picked up or filled out at the following locations where loan representatives are:
• Mary, Star of the Sea Mission, 16626 San Luis Pass Road, Jamaica Beach
• Island Community Center, 4700 Broadway, Galveston
• High Island High School, 2113 Sixth St., High Island
• Bay Shore Park, 5500 W. Bay Shore Drive, San Leon
• 2929 Neptune Drive, second floor of Government Building, Bayou Vista
Hours at the Island Community Center are from 10 a.m. to 7 p.m. Monday through Saturday. The Jamaica Beach center is open from 9 a.m. to 5:30 p.m. The remaining centers are open from 9 a.m. to 5:30 p.m. Monday through Saturday.
Businesses also can apply at the Galveston County Small Business Development Center, 8419 Emmett F. Lowry Expressway in Texas City. Hours for that center are 8 a.m. to 5 p.m. Monday through Friday.
Applications can also be mailed to SBA, 14925 Kingsport Road, Fort Worth, Texas 76155.
For more information, call 800-659-2955 or go to www.sba.gov/services/disasterassistance.
