DALLAS — Low-interest federal disaster loans are now available for businesses and residents affected by the Oct. 20 storms and tornadoes that hit the north Texas area after the U.S. Small Business Administration (SBA) issued a disaster declaration last week at the request of Gov. Greg Abbott, the City of Dallas posted in a news release Monday.

Under the declaration, businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

For homeowners, disaster loans up to $200,000 are available to repair or replace damaged or destroyed real estate, and homeowners and renters are also eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

RELATED: 10 tornadoes in North Texas caused an estimated $2 billion in damage, insurers say

If you have any questions, the SBA opened up a center Monday to explain its disaster loan program at the Bachman Lake Branch Library. No appointment is necessary to come to the center.

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