Low-interest government loans available for Deep East Texans recovering from storms

The new SBA disaster assistance center at the volunteer fire station in Cushing is open.
The new SBA disaster assistance center at the volunteer fire station in Cushing is open.
Published: May. 12, 2022 at 2:09 PM CDT|Updated: May. 12, 2022 at 8:25 PM CDT
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CUSHING, Texas (KTRE) - The tornado struck the Cushing community on March 21, damaging and destroying businesses and homes. SBA Public Information Officer Barbara Nitis says there are low interest loans for the uninsured and under-insured.

“For home loans we offer up to $200,000,” said Nitis. “And that is to repair or replace physical damage. And also up to 40,000 dollars for personal property. Anything that’s inside the home and as well as your primary car, and your primary residence, it can’t be a secondary home. So for businesses it is 2 million, up to $2 million.”

The SBA Center is available to serve all those affected by the storm in Nacogdoches County and the surrounding counties.

They cover deductibles and there is no closing cost on these loans. The center had already served five residents in the first hour of operation this morning, and Nitis says so far they have mostly been homeowners.

“We have two ECSRs available to get one on one assistance, any questions they want,” said Nitis. “The loan becomes an option at the end of the day. They don’t need to accept a loan so that’s why I said to see it, see what your options are, and for home loans as low as 1.43%, for businesses as low as 2.94% and for nonprofits is 1.87%.”

People can apply online, but the center is there to help them if they have online issues. The SBA location at the volunteer fire department will be open until May 26 and runs from 9-5:30. Cushing resident Rhonda Camp was among those who came to the center to apply for a loan, and says the convenience and hospitality by SBA for those affected by the storm in Cushing is a welcome resource.

“They’re scared to ask,” said Camp. “A computer scares them, you know, and y’all are so helpful, and the lady that helped me was just so thoughtful. I think it’s wonderful, it’s a godsend.”

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