Mineral Wells Area News

Reporting By Amy Meyer | Mineral Wells Area News

Residents and businesses in Palo Pinto County impacted by recent tornadoes and severe storms may qualify for financial assistance through both federal disaster loan programs and local recovery efforts.

The U.S. Small Business Administration (SBA) announced May 8 that low-interest federal disaster loans are now available to residents, businesses and nonprofit organizations in Palo Pinto County and several other North Texas counties following the recent storms.

Palo Pinto County is included in the SBA’s disaster declaration along with Cooke, Denton, Hood, Jack, Johnson, Montague, Parker, Tarrant and Wise counties.

According to the SBA, the deadline to apply for physical damage loans is July 6. The deadline for Economic Injury Disaster Loan applications is Feb. 8, 2027.

Businesses and nonprofit organizations may borrow up to $2 million through the SBA’s Business Physical Disaster Loan program to repair or replace damaged real estate, machinery, equipment and other assets damaged in the storms.

Homeowners may qualify for up to $500,000 to repair or replace their primary residence, while homeowners and renters may also apply for up to $100,000 to replace personal property such as furniture, appliances, vehicles and clothing.

The SBA also noted homeowners may qualify for an additional loan increase of up to 20% for mitigation improvements designed to reduce future storm damage. Eligible improvements may include storm windows, weather stripping, attic upgrades, insulation and similar protective measures.

Small businesses, private nonprofit organizations and some agricultural cooperatives may also qualify for Economic Injury Disaster Loans to help cover financial losses caused by the storms. The loans may be used for expenses such as payroll, fixed debts, accounts payable and other bills businesses were unable to pay due to disaster-related impacts.

Agricultural producers, farmers and ranchers are generally not eligible for the economic injury program, except for aquaculture enterprises.

The SBA said loan terms may extend up to 30 years depending on applicants’ financial circumstances. Interest rates begin as low as 4% for businesses, 3.625% for nonprofits and 2.875% for homeowners and renters. Interest does not begin accruing and first payments are deferred for 12 months from the initial loan disbursement.

Applications may be submitted online through the SBA website. Residents may also receive in-person assistance through SBA Disaster Loan Outreach Centers located throughout North Texas. Additional information is available by calling 800-659-2955 or emailing disastercustomerservice@sba.gov.

In addition to federal programs, United Way of Palo Pinto County has launched a local assistance initiative aimed at helping residents facing financial hardships caused by the storms.

United Way officials said many impacted families may still face unexpected expenses even if they have insurance coverage or other resources available.

The organization said assistance may be available for needs including temporary housing, repairs, childcare costs, lost wages and other storm-related expenses not fully covered elsewhere.

“We know that not every family affected by a disaster fits into one category,” the organization stated in a public announcement. “If the storm created a financial burden for your household, we encourage you to fill out the assistance form.”

United Way representatives said the program is designed to help “fill in the gaps” for households navigating the recovery process.

Residents seeking assistance through United Way of Palo Pinto County may contact the organization at 940-325-4848 or by email at UWPPC76067@gmail.com. Applications may also be submitted online through the organization’s disaster assistance form.

Local officials continue encouraging residents impacted by the tornadoes to document damages, save receipts related to storm recovery and explore all available assistance programs as cleanup and rebuilding efforts continue across the area.