Some fear that commercial loans in Texas could potentially see a tough road ahead of them to recover after Hurricane Harvey ripped through the southeastern part of the state. This is because the Federal Emergency Management Agency reports that around an outstanding 40 percent of small businesses actually do not reopen after being hit by a disaster. But thankfully, some that have been impacted in the Houston area will be eligible to get help from the Small Business Association.
Hurricane Harvey was one of the largest storms the state has seen, even breaking a national record for rainfall produced by a single storm, bringing massive flooding and causing damage to many local businesses in the area. If these businesses impacted by the hurricane do not have insurance coverage for damages caused by flooding, then the cost of repairs may be too much to handle and they will be forced to close their doors. But it is still too early to know just how much damage Hurricane Harvey brought to local businesses.
There are a handful of people who are expecting that Hurricane Harvey could have a higher price tag than some of the more recent previous hurricanes that hit the country. Hurricane Katrina had a price tag of around $160 billion dollars and some are predicting that Hurricane Harvey’s price tag could be closer to $190 billion dollars.
It may be too soon to tell just how much damage Hurricane Harvey caused and since the Small Business Administration do not make damage estimates, it really is unknown how many commercial loans in Texas will be needed. But the numbers coming in are impressive. Just last week, it was reported that the Small Business Administration had already received over 2,100 loan applications and they are expecting that number to grow even more.
If you have suffered any loss or damage from the impact of Hurricane Harvey, then it is absolutely best to apply for a commercial loan in Texas as soon as are able to. Businesses in disaster areas in the state of Texas, an estimated 18 counties, can receive assistance from the Small Business Administration through applying for physical disaster commercial loans and economic injury loans. Both of these have a maximum amount of $2 million dollars.
Dennis Dahlberg Broker/RI/CEO/MLO
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.