This is a notice of an Economic Injury Disaster Loan (EIDL) declaration for the state of Texas, issued 3/20/2020. As a result of the Administrator’s EIDL declaration, applications for economic injury disaster loans may be filed at the address listed below or other locally announced locations. The loan application deadline date is 12/21/2020. All counties within the state of Texas have been determined to be adversely affected by the disaster.

Get The Help You Need

If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL).After submitting your EIDL application, we strongly advise also checking with your local bank to see if you may be eligible for a bank loan. If you are approved by your bank, you may be able to receive funds quicker than the EIDL application/approval process.

SBA – West Texas District Office

(806) 472-7462
www.sba.gov
Download SBA Resource Guide
Follow us on Twitter: @SBA_WestTX

 

Lubbock-South Plains Area Most Active SBA 7(a) Lenders

Eligible Entities:

 

  • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations

Conditions and Terms:

 

  • The loan is to help businesses cover expenses including payroll, payables, and debts          
  • These are direct loans issued through SBA (no bank is involved)
  • The business must be able to display the ability to repay the loan
  • Maximum loan amount is $ 2 Million
  • Loan terms can extend up to 30 years
  • Interest rates are 3.75% – For profit businesses;  2.75% for non-profit entities

SBA Economic Disaster Loan (EIDL):

New Expedited Filing Procedure:
As of late afternoon  March 26, 2020, the application process has been streamlined by SBA. Currently, businesses negatively affected by the COVID-19 coronavirus only need to complete and file two documents. These documents can be filled out online. Applicants will then save the documents to their computer, upload them and send them electronically to our SBA Disaster Center.

Here are four steps to follow:

  1. Go to: https://disasterloan.sba.gov/ela/
  2. Apply Online” button
  3. Download:
    1. The Business Loan Application (Form 5) – fill it out and save it to your computer
    2. The Economic Injury Disaster Loan Supporting Information document – fill it out and save it to your computer
  4. Upload these two forms in the tab shown electronically and hit send

Note:  Some of the additional documents listed in the opening page may be required at a later date.  After you send the two documents, the SBA Disaster Center will email you an application number. When you loan is approved, the will email you a loan number.

For a paper application:

Anyone desiring a paper copy of the application may call the  SBA Disaster Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339or send an e-mail at: disastercustomerservice@sba.gov

These applications are to be mailed to:

United States Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, Texas  76155

You can also email the completed worksheet to:
A. State of Texas Representative for West TexasErica McDowell: Erica.Mcdowell@tdem.texas.gov
B. U.S. Small Business Administration Disaster Office: FOCWFieldOpsCadre@sba.gov

Additional Contact Information:

A. Escobar, SBA Disaster Program Analysts: (202) 205.6734

Disaster Customer Service: (800) 659.2955

West Texas District Office: (806) 472.7462

 

If your business has been impacted or you are interested in any of our SBA programs or services, check out the following resources:

Click here for the announcement from Governor Abbott.



Small Businesses In Need of Financial Support?

Due to the evolving nature of COVID-19 and the multi-faceted impacts to economic development, the U.S. Small Business Administration has extended eligibility of Economic Injury Disaster Loans, which will provide long-term, low interest loans to qualifying businesses throughout the state of Texas. If you believe your business is an eligible candidate, click here to apply today.