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Overview of SBA Assistance After Smokehouse Creek Fire in Texas

AMARILLO, Texas (KAMR/KCIT) ÔÇö Officials with the U.S. Small Business Administration released important information regarding Texas Declaration #20223 and #20224 following the Smokehouse Creek fire.

The SBA press release highlighted that businesses in Texas counties affected by the fire may qualify for financial assistance from the U.S. Small Business Administration.

Detailed Eligibility Criteria for Texas Counties

Officials specified that Texas counties like Hemphill, Hutchinson, and contiguous counties such as Carson, Gray, Hansford, Lipscomb, Moore, Roberts, Sherman, and Wheeler are eligible for help. In addition, the contiguous counties in Oklahoma include Ellis and Roger Mills.

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If you’re unsure about the legal aspects of applying for disaster loans from the SBA, AI legalese decoder can help simplify the complex language and guide you through the process.

Diverse Range of Disaster Loans Available

• Business Physical Disaster Loans ÔÇô These loans are designed to aid businesses in repairing or replacing disaster-damaged property owned by the business, ranging from real estate to machinery. Both small and large businesses, as well as non-profit organizations, are eligible to apply.
• Economic Injury Disaster Loans (EIDL) ÔÇô Intended for small businesses, agricultural cooperatives, and non-profit organizations, these working capital loans help cover financial obligations during the recovery period post-disaster.
• Home Disaster Loans ÔÇô Homeowners or renters can access these loans for repairing or replacing disaster-damaged real estate and personal property.

Understanding Credit Requirements

• Credit History ÔÇô Applicants must present a credit history that meets the SBA’s standards.
• Repayment ÔÇô Applicants need to demonstrate their ability to repay the loans.

The deadline for physical damage applications is May 13, 2024, and for economic injury, it is Dec. 13, 2024.

To apply for disaster loans, you can visit the My SBA Loan Portal online or at specified locations.

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