SBA drought loan deadline approaches
ABC Bank of Commerce Announces Appointment of New Executive Vice President
Kally Arrington, Market President for West Texas at American Bank of Commerce, announced that Randy Kitten has joined Team ABC as Executive Vice President, Business Banker. Randy has over 35 years of commercial banking experience in the Lubbock and DFW areas.
Kitten earned a BBA in finance from Texas Tech and is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University.
“We are very pleased to welcome Randy to the ABC Bank team,” said Arrington. He added, “Randy brings a wealth of experience and shares the same passion for community banking as all of us here at ABC Bank. He will be a tremendous asset to our family, and we look forward to his future success at the Bank.
American Bank of Commerce is a $1.2 billion community bank with over 50 years of profitability operating banking centers in Lubbock, Austin, Dallas and Colorado.
Kuykendall & Schneider announce 2 new partners
Miles Hornak, President of Kuykendall & Schneider, Inc., a local investment firm that has been serving its clients’ investment needs since 1973, recently announced two new firm partners: Barb Baie and Brendan King.
Baie earned degrees from the University of Missouri and Metropolitan State College in Denver and holds several senior industry registrations. She has 22 years of experience in the industry.
King received his undergraduate and master’s degrees in accounting from Texas Tech and also holds the CPA designation. He has 10 years of experience in finance as well as several senior records in the industry.
SBA loan deadline is approaching
Non-farm small businesses in 20 counties in Texas and neighboring counties in New Mexico have until March 16, 2021 to apply for a federal disaster loan from the Small Business Administration for economic harm, according to Tanya N. Garfield, director US SBA Disaster Field Operations. Midwest.
These low-interest loans are to offset economic losses due to declining incomes caused by the drought in the following major counties that began on June 30, 2020, according to a news release from the agency.
Major counties in Texas include: Armstrong, Baily, Castro, Deaf Smith, Hale, Lamb, Parmer, Randall, and Swisher.
Neighboring Texas counties included in eligibility are: Briscoe, Carson, Cochran, Crosby, Donley, Floyd, Gray, Hockley, Lubbock, Oldham and Potter.
Neighboring New Mexico counties included are: Curry, Quay, and Roosevelt.
According to Garfield, small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of any size can apply for economic disaster loans of up to $2 million. to help meet working capital needs caused by the disaster.
“Economic disaster loans can be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster,” Garfield said in the statement. .
“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster. Economic injury assistance is available whether or not the plaintiff has suffered property damage,” Garfield added.
The interest rate is 3% for corporations and 2.75% for private non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on July 16, 2020.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional information about disaster assistance, and download applications at Disasterloanassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information.
Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.