Updated Info on SBA Disaster Loans for Damage & Economic Loss

 

Disaster loans up to $200,000 are available to homeowners to repair or replace
disaster damaged or destroyed real estate.  Homeowners and renters are eligible up
to $40,000 to repair or replace disaster damaged or destroyed personal property.    
Businesses and private non-profit organizations of any size may borrow up to $2
million to repair or replace disaster damaged or destroyed real estate, machinery
and equipment, inventory, and other business assets.  The SBA may increase a loan up
to 20 percent of the total amount of disaster damage to real estate and/or leasehold
improvements, as verified by SBA, to make improvements that lessen the risk of
property damage by future disasters of the same kind.For small businesses,
small agricultural cooperatives, small businesses engaged in aquaculture and most
private non-profit organizations of all sizes, the SBA offers Economic Injury
Disaster Loans to help meet working capital needs caused by the disaster.  Economic
Injury Disaster Loan assistance is available regardless of whether the business
suffered any physical property damage.     
Interest rates are as low as 1.938 percent for homeowners and renters, 3 percent for non-profit organizations and 4
percent for businesses with terms up to 30 years.  Loan amounts and terms are set by
the SBA and are based on each applicant’s financial condition. To be considered
for all forms of disaster assistance, call the Federal Emergency Management Agency
(FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing.
Additional details on the locations of Disaster Recovery Centers and the loan
application process can be obtained by calling the SBA Customer Service Center at
800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail
to disastercustomerservice@sba.gov. Applicants may also apply online using the
Electronic Loan Application (ELA) via SBA’s secure website at
https://disasterloan.sba.gov/ela/.

On July 10, 2012, posted in: News by
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