La Grange homeowners, small business owners eligible for loans after Harvey destruction

Neighbors in La Grange continue to rebuild following Hurricane Harvey's devastation.

LA GRANGE, TEXAS - Neighbors in La Grange continue to rebuild following Hurricane Harvey's devastation.

FEMA said they have received about 530 disaster relief applications from Fayette County alone.

Some of those are small business owners, who have applied for small business loans.

Allan Minarcik owns a construction and decorative shop, along with a small shopping strip off West Travis St. in La Grange.

Nearly six feet of water flooded his construction shop.

"Broke one window out,” said Minarcik. “A lot of stuff floated out. Kind of went down the river."

He said it will cost him about $80,000-$85,000.

"It's one big mess,” he said.

But he said they have had a lot of help. “A lot of voluntary help. A lot of our employees … they've done great. And if you look around today, we're cleaned up,”

Among his recovery efforts -- applying for a small business loan.

Laurie Dana, a spokeswoman for the US Small Business Administration, said the organization provides long-term, low-interest disaster loans to homeowners, renters, nonprofits and businesses of all sizes.

Interest rates for homeowners are as low as 1.75 percent and 3.3 percent for businesses.

The rates, of course, depend on credit history.

·         Up to $200,000 in disaster loans are available to homeowners to repair or replace a damaged or destroyed primary residence

·         Up to $40,000 to homeowners or renters to repair or replace damaged or destroyed personal property, such as cars

·         Up to $2 million for small businesses to replace or repair real estate, inventory, assets


The SBA said if you have been affected by a disaster, register with FEMA first and the organization can refer you to an SBA loan.

The organization also said apply even if you have insurance.

Minarcik said even if he qualifies, he is weighing his options. He's lost a lot, but he reminds us: "It's a loss, but it's all stuff that can be recovered, so we'll just do it again."

The Small Business Administration said the deadline to apply for physical damage assistance through them is October 24.

For more information on SBA disaster assistance loans click here.

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