Katy area companies affected by Hurricane Harvey have until Sunday to apply for a special short term low interest loan plan set up by several local banks.

The Katy Area Business Recovery Loan Program will end on Dec. 31, according to the Katy Area Economic Development Council.

It provides for 180 day single-pay note loan with a 4 percent annual percentage rate. The program is designed to support businesses still waiting for insurance or other funding to aid their long-term recovery.

The loans are provided by Amegy Bank, Allegiance Bank, Integrity Bank and Westbound Bank. The program is based on a model used by Galveston banks and local economic leaders following the devastation from Hurricane Ike in 2008, officials said.

“Today it only makes sense to restart this program for Hurricane Harvey and we welcome other banks throughout our region to participate in implementing this program within their respective impacted areas,” said Victor Pierson from Moody National Bank in Galveston after the post-Harvey program began.

For further information about the Hurricane Harvey Business Recovery Loan Program, contact the Katy Area EDC at 281-396-2200 or info@katyedc.org.

Participating banks can be contacted directly as well.

BusinessLoan – BingNews