U.S. Small Business Administration (SBA)
If you are located in the declared disaster area, you may be eligible for financial assistance from the U.S. SBA. Most homeowners and renters, and all businesses (including landlords) and private nonprofit organizations are automatically referred to the SBA’s Office of Disaster Assistance. FEMA may offer some grant assistance to households. SBA disaster assistance loan programs are committed to helping businesses and residents rebuild and recover as quickly as possible.
What Type of Disaster Loans are Available?
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damage property owned by business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses including: agricultural cooperatives, businesses engaged in aquaculture, and most private, nonprofit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster – damaged real estate and personal property, including automobiles.
- SBA offers disaster assistance in the form of low-interest loans to businesses of all sizes, private nonprofits and homeowners and renters, as low as 2.063% for residents and 4% for businesses, to recover from damages not fully compensated by insuracnce or other recoveries. SBA Loans not duplace benefits of other agencies or organizations.
- Residents and Business owners with questions about SBA’S disaster assistance can call (800) 659-2955 or go to www.sba.gov/disaster to apply online.
