Low interest loans available for businesses affected by March tornadoes

Low-interest federal disaster loans are now available to business and residents affected by the March 21 tornadoes.

The loans are available after the US Small Business Administration announced a disaster declaration for several counties on May 2.

The declaration makes loans available in Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee, Leon, Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood and Young counties in Texas; and Bryan, Jefferson, Love and Marshall counties in Oklahoma, according to a news release.

Loans of up to $ 2 million are available for businesses and private, non-profit organizations to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to a news release.

Homeowners can also receive loans of up to $ 200,000 to repair or replace damaged or destroyed real estate, according to a news release. Homeowners and renters are eligible for up to $ 40,000 to repair or replace damaged or destroyed personal property.

The deadline to apply for property damage is July 5. The deadline to apply for economic damage is Feb. 6, 2023.

READ: Reopenings uncertain at Round Rock shopping center stores bashed by tornado

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