SBA rolls out $2M loans for Texas small businesses

Business owners and nonprofits in Texas that have fewer than 500 employees and have incurred financial hardship due to COVID-19 are now able to apply for economic injury disaster loans for up to $2 million from the U.S. Small Business Administration.

The interest rates will be 3.75 percent for small businesses and 2.75 percent for nonprofits. Much like other SBA loans, such as 7(a) and 504 loans, this loan is meant to serve small businesses and nonprofits that don’t have other credit options available.…