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U.S. Small Business Administration Benefits
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You may be eligible for 2 form(s) of assistance.
| Forms of Assistance You Can Apply for Online |
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Business Disaster Loans
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Program Description
The U.S. Small Business Administration (SBA) is responsible for providing affordable, timely and accessible financial assistance to non-profits and businesses of all sizes located in a declared disaster area. Financial assistance is available in the form of low-interest, long-term loans for losses that are not fully covered by insurance or other recoveries.
SBA’s disaster loans are the primary form of Federal assistance for the repair and rebuilding of non-farm, private sector disaster losses. The disaster loan program is the only form of SBA assistance not limited to small businesses.
Business Physical Disaster Loans loan can provide a non-profit or business of any size with up to $2 million (actual loan amounts are based on amount of uncompensated damage) to repair or replace real property, machinery, equipment, fixtures, inventory, and leasehold improvements. In addition, disaster loans to repair or replace real property or leasehold improvements may be increased by as much as 20 percent of the verified loss to protect the damaged property against possible future disasters of the same type.
The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.
An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue.
By law, the total amount of a physical loan, economic injury disaster loan and mitigation funds cannot exceed $2 million.
General Program Requirements
To be eligible for SBA assistance, businesses or private non-profit organizations must have sustained physical or economic damage and be located in a disaster declared county.
Loan Terms
Disaster survivors must repay SBA disaster loans. SBA can only approve loans to applicants with a reasonable ability to repay the loan and other obligations from earnings. The terms of each loan are established in accordance with each borrower’s ability to repay. The law gives SBA several powerful tools to make EIDLs affordable: low fixed interest rates and long terms (up to 30 years). As required by law, eligibility is based on SBA’s determination of whether each applicant does or does not have the ability to borrow or use their own resources to overcome the disaster.
The SBA can provide up to $2 million in disaster assistance to a business. The $2 million loan cap includes both physical disaster loans and EIDLs. There are no upfront fees or early payment penalties charged by SBA.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
Application information is available by phone, via the Internet, or via email.
For information by phone, please call:
1-800-659-2955
For information via the Internet, visit:
http://www.sba.gov/services/disasterassistance/index.html
Or, for information via email, email us at:
DisasterCustomerService@sba.gov
For more information on this program, please visit:
http://www.sba.gov/services/disasterassistance/businessesofallsizes/physica...
Managing Agency
U.S. Small Business Administration
http://www.sba.gov
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Home and Property Disaster Loans
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Program Description
The U.S. Small Business Administration (SBA) is responsible for providing affordable, timely and accessible financial assistance to homeowners and renters located in a declared disaster area. Financial assistance is available in the form of low-interest, long-term loans for losses that are not fully covered by insurance or other recoveries.
SBA’s disaster loans are the primary form of federal assistance for the repair and rebuilding of non-farm, private sector disaster losses. The disaster loan program is the only form of SBA assistance not limited to small businesses.
Homeowners can apply for a real property loan for up to $200,000 to repair or replace their primary residence to its pre-disaster condition. The loan may not be used to upgrade the home or make additions to it. If, however, building codes require structural improvements to repair the disaster damage, the loan may be used to meet these requirements. Loans may be increased by as much as 20 percent of the verified losses (not to exceed $200,000) to protect the damaged real property from possible future disasters of the same kind.
Homeowners or renters can apply for a personal property loan for up to $40,000 to help repair or replace personal property, such as clothing, furniture, automobiles, etc., lost in the disaster. As a rule of thumb, personal property is anything that is not considered real estate or a part of the actual structure. This loan may not be used to replace extraordinarily expensive or irreplaceable items, such as antiques, collections, pleasure boats, recreational vehicles, fur coats, etc.
General Program Requirements
To be eligible for SBA assistance, homeowners and renters must have sustained physical damage and be located in a disaster declared county.
Loan Terms
Disaster survivors must repay SBA disaster loans. SBA can only approve loans to applicants with a reasonable ability to repay the loan and other obligations from earnings. The terms of each loan are established in accordance with each borrower’s ability to repay. The law gives SBA several powerful tools to make disaster loans affordable: low fixed interest rates, long terms (up to 30 years), and refinancing of prior real estate liens (in some cases). As required by law, the interest rate for each loan is based on SBA’s determination of whether an applicant has the ability to borrow or use their own resources to overcome the disaster.
The SBA can provide up to $200,000 to homeowners to repair or replace their primary residence. Homeowners and renters are eligible for up to $40,000 to help repair or replace personal property. There are no upfront fees or early payment penalties charged by SBA.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
For more information about this program, please
visit:
http://www.sba.gov/services/disasterassistance/homeownersrenters/homeandper...
Application information is available by phone, via the Internet, or via email.
For information by phone, please call:
1-800-659-2955
For information via the Internet, visit:
http://www.sba.gov/services/disasterassistance/index.html
Or, for information via email, email us at:
DisasterCustomerService@sba.gov
Managing Agency
U.S. Small Business Administration
http://www.sba.gov
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