El Paso, Texas is the #22 ranked city based on population. 685,434 residents live in El Paso.
El Paso, Texas SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.
El Paso, Texas was considered a disaster area due to COVID, which allowed El Paso small business owners and those Texas residents that qualified to apply.
What are El Paso SBA Disaster Loans (EIDL and PPP)?
El Paso, TX, and all other major cities have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
In El Paso, TX news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the Texas Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic TX disaster declaration has been extended to December 31, 2021.
The El Paso, Texas Paycheck Protection Program (PPP) deadline has already expired.
SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.
These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.
What are El Paso SBA Grants?
El Paso, Texas SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs.
The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in El Paso, Texas.
Grants are often awarded to help El Paso, Texas small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.
How Do SBA Disaster Loans Work in El Paso, TX?
El Paso, Texas banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.
As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.
In El Paso, Texas, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in TX.
How Many El Paso SBA Disaster Loans Can You Have?
El Paso, Texas and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.
With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.
How Long Do El Paso SBA Loans Take to Process?
The El Paso, Texas SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because El Paso city lenders need to make sure everything is in order before committing this size.
While every El Paso, Texas company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.
How to Apply for El Paso EIDL, PPP, or SBA Loans?
In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.
Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your El Paso, Texas business.
You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.
How to Qualify for Grants for a Small Business in El Paso?
Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.
El Paso, Texas’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.
How to Apply for Small Business Grants in El Paso?
A company can apply for SBA grants by filling out an application for El Paso, Texas. In addition, the US government has a listing of all their available grants, including those provided through the SBA.
You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.
The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.
Nearest El Paso, TX Local SBA Office Address and Contact Information
In Texas, there are seven offices:
Lower Rio Grande Valley District, TX
Corpus Christi, TX
Dallas/Fort Worth, TX
El Paso, TX
San Antonio, TX
Main SBA Assistance Office:
Lower Rio Grande Valley District Office
2422 E Tyler Ave Suite E
Texas SBA Telephone and Email Contact Information:
Lower Rio Grande Valley District Office
The Lower Rio Grande Valley District Office in Harlingen, Texas is committed to fostering economic growth by providing assistance to the small businesses that are located in its area of operation. We are determined to reach out to small businesses in unprecedented ways, to listen to their needs and to focus on customer outreach and quality management.
The SBA’s district office in Harlingen serves Cameron, Hidalgo, Jim Hogg, Kenedy, Starr, Willacy and Zapata counties in southern Texas. The branch office in Corpus Christi serves Aransas, Brooks, Duval, Kleberg, Nueces, San Patricio and Jim Wells counties.
Corpus Christi, Texas SBA Office
2820 S. Padre Island Dr. Suite 108
Corpus Christi, TX
Dallas/Fort Worth, Texas SBA Office
150 Westpark Way Suite 130
The Dallas/Fort Worth District Office (DFW DO) is committed to fostering economic growth by providing assistance to small businesses that are located in its area of operation.
The DFW DO will continue to focus on customer-driven outreach and quality management. We are determined to reach out to small businesses in unprecedented ways, to listen to their needs, to report these needs back through the Regional Administrator who in turn will forward to Headquarters.
El Paso, Texas SBA Office
211 N. Florence Street 2nd Floor, Suite 201
El Paso, TX
The El Paso District Office jurisdiction is El Paso, El Paso County and the West Texas counties of Brewster, Culberson, Hudspeth, Jeff Davis, Loving, Pecos, Presidio, Reeves, and Terrell.
Houston, Texas SBA Office
8701 S. Gessner Drive Suite 1200
At the US Small Business Administration, we help make the American dream of small business ownership a reality. We are the only federal agency dedicated to helping small businesses start, grow, expand, or recover after a disaster.
The Houston District Office (HDO) is home to over 600,000 small businesses and is growing rapidly. Houston is repeatedly ranked as a top location for entrepreneurship, and two local universities – University of Houston and Rice University – have been recognized as the best in the US for studying entrepreneurship. Counties served include: Angelina, Austin, Brazoria, Brazos, Burleson, Chambers, Colorado, Fort Bend, Galveston, Grimes, Hardin, Harris, Houston, Jasper, Jefferson, Leon, Liberty, Madison, Matagorda, Milam, Montgomery, Newton, Orange, Polk, Robertson, San Jacinto, Trinity, Tyler, Walker, Waller, Washington, and Wharton.
San Antonio, Texas SBA Office
615 E Houston St. Suite 298
San Antonio, TX
The San Antonio District Office (SADO) is committed to fostering economic growth by providing assistance to small businesses that are located in its area of operation.
The SBA’s San Antonio district spans across 55 counties within Texas. The counties served are: Atascosa, Bandera, Bastrop, Bee, Bexar, Blanco, Burnet, Caldwell, Calhoun, Comal, Concho, Crockett, De Witt, Dimmit, Edwards, Fayette, Frio, Gillespie, Goliad, Gonzales, Guadalupe, Hays, Irion, Jackson, Karnes, Kendall, Kerr, Kimble, Kinney, La Salle, Lampasas, Lavaca, Lee, Live Oak, Llano, Mason, Maverick, McCulloch, McMullen, Medina, Menard, Real, Refugio, San Saba, Schleicher, Sutton, Tom Green, Travis, Uvalde, Val Verde, Victoria, Web, Williamson, Wilson, and Zavala.
Lubbock, Texas SBA Office
1205 Texas Avenue Room 408
The Lubbock – West Texas District Office is committed to fostering economic growth in west Texas through the delivery of SBA’s many programs and services. In collaboration with our resource and lending partners we provide quality customer service and assistance to small businesses in 71 west Texas counties.
El Paso, TX SBA Summary and Conclusion
El Paso, Texas SBA loans and grants can be a great resource for any company looking to expand its operations, and many El Paso, Texas businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in El Paso, Texas?
Share your thoughts in the comment section below.
El Paso, Texas Small Business Help: Get Loan Assistance for Your Business in El Paso
Was Your El Paso SBA Disaster Loan Denied?
Has your El Paso SBA disaster EIDL loan been denied?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business that was affected by COVID in El Paso, Texas.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your El Paso, TX business with the SBA Loan Reconsideration Process.
Need an Increase on Your El Paso SBA Disaster Loan?
Did you already receive an El Paso SBA EIDL disaster loan for your business?
We can assist your El Paso, TX business in requesting additional SBA EIDL loan funds through the increase request process.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your El Paso, TX business with the SBA Increase Request Process.
Cover Image Credit: 123RF.com / Fizkes, IgorBondarenko / Disaster Loan Advisors.