Young County, Texas businesses and residents were affected by severe storms and tornadoes on 3/21/2022. The Small Business Administration (SBA) is offering financial disaster assistance for Young County, Texas businesses that suffered physical damage or economic injury and loss to their TX business operations located in Young County.
SBA Loan Deadlines for the Young County, Texas Declared Disaster Declaration #17438 and #17439
– Physical Damage Loan Application filing deadline is 07/05/2022.
– Economic Injury Disaster Loan (EIDL) Application filing deadline is 02/06/2023.
– Read the official SBA disaster declaration for Young County here.
Business Owners in Young County, for speed and personalized attention, Schedule Your Free Disaster Loan Consultation call. Depending on your situation, we may be able to assist you with the SBA process for your business in Young County Texas.
Severe Storms and Tornadoes Incident in Young County TX
On 3/21/2022, a Severe Storms and Tornadoes bad weather incident caused damage in areas of Texas. Disaster Number TX-00627 was declared on 5/5/2022 as an official disaster area through Disaster Declaration #17438 and #17439 due to Severe Storms and Tornadoes.
Young County, Texas Cities and Towns Affected by Severe Storms and Tornadoes
Here is a list of all the Young County, Texas cities, towns, parishes, and municipalities affected by the Severe Storms and Tornadoes that occurred 3/21/2022:
Graham, Loving, Newcastle, Olney, South Bend.
In Young County, Texas, eligible businesses and residents are able to apply for a low-interest disaster loan from the U.S. Small Business Administration (SBA), commonly known as an SBA Economic Injury Disaster Loan (EIDL). The SBA offers disaster loan assistance to businesses, nonprofit organizations, homeowners, and renters located in Young County, Texas, that were affected by the declared disaster number TX-00627.
The SBA also provides eligible Young County, Texas small businesses and nonprofit organizations with working capital to help overcome the economic injury of the declared disaster in Young County, Texas.
To apply for financial assistance from the SBA for your business that was affected by Severe Storms and Tornadoes in Young County, visit the official SBA Disaster Loan Assistance website.
Physical Damage to Your Young County Business Property
Young County, Texas businesses and private nonprofit organizations of any size may borrow an SBA EIDL loan up to a $2 million (two million dollars) to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants in Young County, Texas may be eligible for an EIDL loan increase up to 20% (twenty percent) of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from potential future damage that could be caused by a similar disaster in Young County, Texas.
Economic Injury to Your Young County Business Operations in Texas
For Young County small businesses, companies, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage to property.
Interest Rates for SBA EIDL Young County, Texas Disaster Loans
Interest rates for Young County, Texas are as low as 2.940% (two point nine four zero percent) for businesses, 1.875% (one point eight seven five percent) for nonprofit organizations, with loan amortization terms up to 30 years or 360 months. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition of their business located in Texas.
Young County SBA Loan Interest Rates for Physical Damage:
– Texas Businesses with Credit Available Elsewhere 5.880%
– Businesses in Texas without Credit Available Elsewhere 2.940%
– Texas Non-Profit Organizations with Credit Available Elsewhere 1.875%
– Non-Profit Organizations in Texas without Credit Available Elsewhere 1.875%
Young County SBA Loan Interest Rates for Economic Injury:
– Businesses and Companies in Texas 2.940%
– Small Texas Agricultural Cooperatives without Credit Available Elsewhere 2.940%
– Texas Non-Profit Organizations without Credit Available Elsewhere 1.875%
Young County Business Owners, Schedule Your Free Disaster Loan Consultation Call for One-on-One Assistance for Your Company that was Affected by Severe Storms and Tornadoes in Young County, TX.
Young County, Texas Disaster Assistance From FEMA
If your Young County, Texas business was impacted by Severe Storms and Tornadoes, and is located in one of the communities approved for assistance from the Federal Emergency Management Agency (FEMA), you can apply for disaster assistance.
Check to see if Young County, Texas is approved by FEMA by visiting DisasterAssistance.gov or by calling 1-800-621-3362 between the hours of 7am to 11pm Eastern Standard Time (EST) seven days a week.
For other possible Young County, Texas disaster assistance resources, or to apply for assistance from FEMA, visit the official FEMA website.
Young County SBA EIDL Loan Relief vs. FEMA Assistance Facts for Texas
For Young County businesses in Texas, an SBA EIDL loan holds many benefits for recovering from the Severe Storms and Tornadoes that caused damage to your physical property and economic injury to your business on 3/21/2022.
Will I be referred to the SBA after I apply with FEMA?
Yes it is possible. After you apply for disaster assistance from FEMA, you may be contacted by the SBA. If you are asked to submit an application for a low-interest SBA loan, you are encouraged to do so. Applying with the SBA assures that all available disaster assistance options remain open to you.
Will the SBA application be the basis of referrals to other grant programs?
Yes. Submitting the application makes it possible for you to be considered for additional grants. If you apply for an SBA low-interest disaster loan and are not eligible, this may open the door to additional assistance from FEMA. If SBA denies the loan application, you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage expenses, or meet other disaster-related needs your Young County, Texas home or business has suffered.
Do I have to accept an SBA loan if I am approved?
No you do not. If the SBA determines you are eligible for a loan, you do not have to accept it. However, if you do qualify for an SBA loan and you choose not to accept it, additional resources may not be available to you for disaster recovery.
Do I have to choose between a FEMA or an SBA EIDL loan?
No. Qualifying for an SBA EIDL loan does not mean you are suddenly ineligible for FEMA assistance. There are several important reasons to complete and submit an SBA application, even if you think you don’t currently need a loan for your Young County, Texas home or business. For example, you may discover that you were underinsured for the amount of work required to repair or replace your home. An SBA low-interest disaster loan may bridge the gap between your recovery costs and the settlement amount.
Are SBA EIDL loans only meant for businesses?
No. Due to the Severe Storms and Tornadoes being a natural disaster, the SBA also offers loans for homeowners in Young County, Texas up to $200,000 to repair or replace your primary residence. The loans are customized to your personal financial circumstances. On a case-by-case basis, the SBA may be able to assist with the refinance of your current mortgages, in the case of a first mortgage, and / or a second mortgage.
The SBA can also help Young County, Texas renters and homeowners replace household contents, for example: clothing, furniture, appliances, and vehicles. This is referred to as personal property. Homeowners and renters are eligible for up to $40,000 (forty thousand dollars) to repair or replace damaged or destroyed personal property caused by Severe Storms and Tornadoes.
Are SBA loans available for businesses and nonprofits of any size?
Yes. Due to the Severe Storms and Tornadoes declared disaster, Young County, Texas businesses of all sizes and private nonprofit organizations may borrow up to $2 million (two million dollars) to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size in Young County, Texas, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Is there a deadline to apply for the Severe Storms and Tornadoes SBA low-interest loan?
Yes. The deadline to file applications for physical damage is 07/05/2022. The deadline to return economic injury applications is 02/06/2023. These deadlines may be slightly different depending on the county and state.
Population of Young County in Texas
Young County has a population of 17,977 residents (2021 Census figures), which is a change of 0.60% in population from the 2020 Census numbers. The State of Texas has a current total population of 29,527,941. This is a 1.30% change in the number of residents in TX.
The Federal Information Processing System (FIPS) Code for the State of Texas is 48000. The FIPS code for Young County, TX is 48503.
Young County Official Government Website in Texas
The official website for the Young County, TX government can be found here:
Check the Young County website for other possible disaster relief options for residents and businesses located in Young County, Texas.
Other Texas Counties Affected by the Severe Storms and Tornadoes Disaster
Besides Young County, other counties that were affected by Severe Storms and Tornadoes in Texas were:
Texas Primary Counties
Texas Contiguous Counties
Anderson, Angelina, Archer, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Gregg, Harrison, Lee, Leon, Madison, Marion, Milam, Morris, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Walker, Wise, Wood, Young.
Texas Cities Located in Young County
Graham, Loving, Newcastle, Olney, South Bend.
Summary and Conclusion of the Severe Storms and Tornadoes Disaster in Young County, TX
To apply for financial assistance and relief due to your Young County, Texas business being financially damaged by severe storms and tornadoes on 3/21/2022, there are important SBA deadlines for when you need to submit your new application, increase request, or reconsideration request.
For the Young County, Texas Declared Disaster Declaration #17438 and #17439, the loan application filing deadline for physical damage is 07/05/2022. The economic injury disaster loan (EIDL) application filing deadline is 02/06/2023.
Young County Professional Disaster Assistance for Your Business in Texas
Was your Young County, TX business disrupted by the severe storms and tornadoes incident that occured on 3/21/2022?
We can offer professional assistance to help your business file for a new SBA EIDL loan, an increase request or loan modification, or a reconsideration appeal if you were denied for an SBA EIDL loan for your business that was economically harmed by severe storms and tornadoes in Young County under Disaster Number TX-00627 that was declared on 5/5/2022 through Disaster Declaration #17438 and #17439.
Business Owners Located in Young County, Texas:
Schedule Your Free Disaster Loan Consultation Call for Help in Financially Recovering from the Severe Storms and Tornadoes That May Have Damaged Your Business in Young County, TX.
Cover Image Credit: 123RF.com / Woodysphotos / Disaster Loan Advisors.