Disaster loans available to county residents

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Van Zandt County property and business owners have qualified for disaster loans from the United States Small Business Administration. Those who wish to apply for a physical damage loan may apply before Aug. 27 and for economic injury loans before Feb. 29, 2016.

Types of disaster loans include home loans, business physical disaster loans and economic injury disaster loans. 

Applicants must have a credit history acceptable to the Small Business Administration.

Home loans are limited to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property with an interest rate of 1.688 percent.

Business loans are limited to $2,000,000 with interest rate of 4.000 percent; and EIDL loans are limited to $2,000,000 for alleviating economic injury caused by the disaster at 4.000 percent with nonprofit organizations at 2.625 percent.

For more information on how to acquire a loan contact SBA at 1-800-659-2955. 

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