The centers are being opened by U.S. Small Business Administration, or SBA, and the Brazosport College Small Business Development Center, according to a July 23 news release from the SBA.
What you need to know
The SBA Business Recovery Centers will offer “a one-stop location for businesses to access a variety of specialized help,” Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, said in the release.
The key service being offered is a loan through the SBA, which allows businesses of any size, as well as nonprofit organizations, to borrow up to $2 million to repair or replace damaged and destroyed business assets, including real estate, equipment, inventory and machinery, according to the release.
Advisors from the Brazosport College Small Business Development Center will also be at the Angleton location to offer assessing business capital needs, evaluating business strengths, cash flow projects and a review of options the business has, according to the release.
According to the release, the centers opening are at the following locations:
- Brazoria County Hispanic Chamber of Commerce, 116 S. Velasco St., Ste. C, Angleton, open Monday-Friday from 9 a.m.-6 p.m. and Saturdays from 9 a.m.-4 p.m.
- Vision Galveston at MarMo Plaza, 2121 Market St., Galveston, open Monday-Friday from 9 a.m.- p.m. and Saturdays from 9 a.m.-4 p.m.
No appointments are necessary and all services are free of charge, according to the release.
Diving in deeper
Interest rates on the loan can range from around 2.7%-4% depending on the kind of organization with terms up to 30 years, according to the release. Interest does not begin to accrue for the first year starting at the date of the disaster.
Those interested can also apply online and see other disaster assistance information at SBA.gov/disaster, call 800-659-2955 or email [email protected] for more information.
The deadline to apply for property damage is Sept. 10, according to the release. For economic injury that deadline is April 14.
How we got here
Hurricane Beryl made landfall in southeast Texas on July 8 and caused what early estimates suggest was between $28 billion-$32 billion in damage across the United States, Community Impact previously reported.
In response, President Joe Biden declared the hurricane a major disaster on July 12, which opened up for Texas businesses the ability to borrow federal loans.