Deadline to Apply for EIDL Loans Due to Texas Drought Nears | Small Business Trends


Deadline to Apply for EIDL Loans Due to Texas Drought Nears

Director Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West Texas reminded small non-farm businesses of the August deadline dates to apply for an SBA federal disaster loan for economic injury. The low-interest loans were offered to offset economic losses from reduced revenues caused by drought.

Texas EIDL Deadlines Draw Near

The deadline for primary counties Fisher, Jones and Scurry is August 15, and is the same deadline for neighboring counties Borden, Callahan, Garza, Haskell, Kent, Mitchell, Nolan, Shackelford, Stonewall and Taylor.

The deadline for primary counties Camp, Franklin, Hopkins, Knox, Titus, Upshur and Wood is August 22, and is the same deadline for neighboring counties Baylor, Delta, Foard, Gregg, Harrison, Haskell, Hunt, King, Marion, Morris, Rains, Red River, Smith, Stonewall, Throckmorton and Van Zandt.

The interest rate for the loans is as low as 2.83% for businesses and 1.875% for private non-profit organizations. The terms are up to 30 years, with the actual loan amounts and terms to be set by the SBA who base them on each applicant’s financial condition.

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