PORT ARTHUR — The Small Business Administration, SBA, announced the opening of a Business Assistance Center in Port Arthur to provide a wide range of services to businesses impacted by Hurricane Ike.
“Due to the severe property damage and economic loss Hurricane Ike inflicted on businesses in Texas, we want to provide every available service to help get them back on their feet,” Rear Admiral Steven Smith USN (Ret.), chief of the executive office of SBA’s office of disaster strategic planning and operations said. “These centers will provide a single one-stop location for businesses to access a variety of specialized help.”
Businesses of any size and private, non-profit organizations may apply to SBA for low-interest disaster loans of up to $2 million to repair or replace damage to real estate, leasehold improvements, machinery and equipment, inventory and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries.
Carl W. Sherrill, SBA communications specialist said these are standard SBA programs of loans made by banks.
• Interest rates as low as four percent for businesses
• Terms up to 30 years to make payments affordable
• Repayment ability- consider refinancing existing debt
Funds may be used to replace inventories, damages and/or improvements to homes and damages to buildings. The SBA can help with funds for operating costs until they’re back in business or the SBA can virtually help them stay in business.
Sherrill said there’s a chance a business opened the day of the hurricane and the owner lost their life savings. The SBA can put together a business plan for the owner. He added the storm was so widespread, business owners may have a home damaged and they can make application for rental and home assistance.
Sherrill said the SBA application is the gateway to further federal assistance and there is no charge for Small Business Development Center, SBDC, services. Applicants do not need to know how much they need to borrow. FEMA funds are grants while SBA funds are long-term low-interest loans. And unlike FEMA, applicants do not need to settle with their insurance companies to apply for an SBA loan.
For small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes, SBA also offers Economic Injury Disaster Loans up to $2 million to help meet working capital needs created by the disaster. Many small businesses are suffering financial losses caused by extended power outages, even though they have not suffered any property damage.
Business owners may also get help from SBA representatives at any Disaster Recovery Center in Texas. They may also contact SBA’s Customer Service Center by calling toll-free 1-800-659-2955 or by e-mailing disastercustomerservice@sba.gov. Hearing impaired individuals may call toll-free 1-800-877-8339 or visit SBA’s Web site at www.sba.gov/services/disasterassistance. Additionally, disaster victims may now go online to file an SBA application for disaster loan assistance. The Electronic Loan Application is accessible via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
The Business Assistance Center in Port Arthur is located:
Lamar State College SBDC, 1401 Procter St., Port Arthur, TX. 77641. The center is open from 8 a.m. to 5 p.m., Mondays through Fridays.
Hurricane Ike - Latest News
September 26, 2008
Business Assistance Center opened in Port Arthur for Ike victims
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