Home and Business Owners Now Qualify for Federal Disaster Loans After Historic Floods

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NORTH TEXAS (TNZT) – If you are one of the home or business owners dealing with damage caused by last month’s floods, new financial aid is available.

The US Small Business Administration is: offering low-interest federal disaster loans to those affected between August 22 and 25.

There are still many people who need help in multiple ways.

It’s been about a month since water spilled through Damon Chisenhall’s home in southeast Dallas, causing tens of thousands of dollars in damage.

“Huge damage,” he said. “A meter and a half of water ran through our house.”

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After TNZT 11 met him last week, city workers from Dallas and Balch Springs came out to see what can be done. He said that while they did remove debris, they did not address the cause of the flooding, which was Hickory Creek.

“There’s too much brush,” he said. ‘Trees. Illegal deposit as I mentioned before. We said to clean the creek and in fact we were told by one of them that they are not going to clean the creek.”

So now their fight continues and so do repairs.

“We’re working on it little by little out of our own pocket,” he said.

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For interested North Texas businesses and homeowners affected by the severe storms and floods, the American Small Business Association is now offering low-interest federal disaster loans.

“It’s been more than 26 houses,” Representative Barbara Nitis said. “In order for it to be declared, there must be more than 26 residences.”

To repair or replace real estate:

  • Businesses and private nonprofits can borrow up to $2 million.
  • Homeowners can borrow up to $200,000.
  • Up to $40,000 is available to homeowners or renters to repair or replace personal property.
  • Interest rates range from 2% to 3% depending on the loan with terms up to 30 years.
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There will be two outreach centers in North Texas where representatives can answer questions and assist with the application process.

Online applications can be completed here.

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