Flood damaged items and carpeting sit along the sidewalk outside of Ellum Electric, an electric scooter store, in Deep Ellum in Dallas, Monday, Aug. 22, 2022. Owner Airto Castañeda-Cudney said it’s been a community effort to clean up the damage from the flood, with a neighbor loaning the shop vacuum to him and several other people along the street.
Businesses, nonprofits and churches can apply for loans up to $2 million for real estate, inventory, machinery and equipment repairs and replacements. The deadline for physical damage loans is November 14, spokesperson Barbara Nitis said. These organizations can also apply for up to $2 million in economic impact loans, to replace revenue lost during the flooding. The deadline for these loans is June 14, 2023, Nitis said.
Homeowners could receive loans up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property. Renters can apply for loans up to $40,000 for personal property. Those with car damage can also apply for relief, Nitis said. Interest rates can be as low as 3.04 percent for businesses, 1.875 percent for nonprofits and 2.188 percent for homeowners and renters with terms up to 30 years, the agency said. Loan amounts and terms are set by SBA and based upon each applicant’s financial condition.or call SBA’s Customer Service Center at 659-2955. On Monday, the administration also opened up two Disaster Loan Outreach Centers in the Samuell-Grand Recreation Center and Balch Springs Recreation Center.