Many have been hit hard in Southeastern Texas by Hurricane Harvey. The category 4 storm brought record breaking rain causing massive flooding, with a total of 18 counties in the state being declared disaster areas. It could take months for the area to recover, so the Small Business Administration is stepping in to provide assistance, which includes approving commercial loans in Texas.
The Small Business Administration is a United States government agency that provides support and funding, including disaster loans, to small businesses who have been hit by natural disasters. Loans are given up to a total amount of $2 million dollars. Just last week, the Small Business Administration reported that they have processed a total of 95 loans so for, totaling $8.5 million dollars.
Due to Hurricane Harvey, the Small Business Administration has satellite offices setup in Houston, Port Arkansas and Rockport, making it a one stop location for businesses that are needing help after being hit by the hurricane. The Small Business Administration is there to serve those who have suffered property damage or economic loss. Local banks are wanting to help speed up the assistance, for example, help with approving more commercial loans in Texas. They feel that they can help the Small Business Administration be more efficient and effective since they have established relationships and know their customers.
The goal of the Small Business Administration is to approve loans within 21 days of the loan request. But with so many requests for commercial loans in Texas due to recent damage and economic loss caused by Hurricane Harvey, it is taking the Small Business Administration longer to process and approve some of these loans. Local banks in the area are willing to help with the process so they can assist even more people in the community.
The Small Business Administration was designed to help small businesses get back on their feet after they have suffered from a natural disaster and they have been very effective in doing that. Just this past fiscal year, the Small Business Administration has approved over 25,000 disaster loans, adding up to a total of $1.4 billion dollars. The total of disaster loans issues and the total cost of support given by the Small Business Administration is expected to be even more for the 2017 fiscal year due to the devastation caused by Hurricane Harvey and Hurricane Irma.
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.