In the aftermath of Hurricane Beryl's impact on Galveston, the Small Business Administration (SBA) has responded by opening a Business Recovery Center in the city. Located at MarMo Plaza, 2121 Market St., the center was established to assist local businesses and nonprofits grappling with property damage and economic losses. As per a release from the agency, cited by the Houston Chronicle, the center began operations on Wednesday and will maintain regular hours from 9 a.m. to 6 p.m., Monday through Friday, and plans to quickly start to open on Saturdays later in the month. The recovery assistance includes offering Economic Disaster Loans with interest rates as low as 2.35% for nonprofits and 4% for businesses, depending on various terms and the applicant's financial health.
Galveston's own Mayor Craig Brown announced that the city is open for business signaling that despite damages, the city is moving forward in its rebuilding efforts. The mayor further underscored the importance of the support being readily available to businesses regardless of their current stage in the recovery process. In an interview attended by business owners, Francisco Sanchez, an associate administrator with the SBA, mentioned that "Some people are on the road to recovery, others are trying to get the lights on," acknowledging the varied needs of the local businesses. To provide a glimpse into the challenges faced, Edward Benjamin, owner of Ophelia’s Café, shared his struggles with KHOU about the damages sustained at his premises, expressing how essential the support is for businesses like his to survive and eventually thrive post-disaster.
Eligible businesses and nonprofits can apply for up to $2 million in assistance to help repair or replace assets not covered by insurance. As reported by the Houston Chronicle, applications for property damage must be submitted by September, while claims concerning economic injury can be filed up until the following April.
These loans are a crucial element in the economic recovery equation, with Mayor Brown emphasizing to KHOU, “We can come back and do the manpower but in terms of the finances to help fuel that, its imperative the SBA and other programs like that can provide very low-cost loans to get these businesses up and running very quickly.”
Business owners seeking information or wishing to initiate applications for disaster recovery loans are encouraged to visit the Business Recovery Center. For convenience, online resources are also available. Prospective applicants can go to SBA.gov/disaster to find more information or to apply. Additionally, services are provided in multiple languages, ensuring wider community accessibility. For local business owners like Benjamin wrestling with the financial strain of recovery, the SBA's initiatives are not just a lifeline but also a potential driver for them “It’s a blessing, in a way it can help you get back on your feet and get you back further than what you got going on right now,” he told KHOU.
