SBA Loans

If you are in a declared disaster area, you may be eligible for financial assistance from the U. S. Small Business
Administration (SBA).

Business Physical Disaster Loans

Repair or replace disaster damaged property, including real estate, inventories, supplies, machinery, and equipment. Available to private/non-profit organizations to include charities, churches, private universities, etc. Collateral may be required for loans over $50,000.  

Business Economic Injury Disaster Loans (EIDL)

Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and eligible private/non-profit organizations of all sizes meet their ordinary and necessary financial obligations (payroll, taxes, light bills, marketing, etc.) that cannot be met as a direct result of the declared disaster.   Also available to private/non-profit organizations.  Collateral may be required for loans over $50,000

**Businesses can receive up to $100,000 without pledging collateral.  SBA will not decline a loan for lack of collateral but requires collateral if it’s available**

Homeowners and Renters

Homeowners and renters may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Benefits of an SBA Disaster Loan

  • Up to 30-year loan term
  • 0% interest no payment for one year
  • Low interest rates
  • No prepayment penalty
  • Mitigation funds available
  • Can be used for relocation and refinance
  • Funds available even if no insurance or if insurance has not settled

SBA disaster loan amounts:

  • Up to $2 Million for business owners (physical and economic) – max loan can be increased if business is a Major Source Employer (MSE)
  • Up to $500,000 for homeowners to repair or replace real estate/primary residence
  • Up to $100,000 for homeowners and renters to repair or replace personal property, including automobiles
  • Up to 20% of verified losses for mitigation measures 

Resources

Disaster Assistance | U.S. Small Business Administration

Mitigation Assistance | U.S. Small Business Administration

SBA District Offices | U.S. Small Business Administration

Prepare for emergencies | U.S. Small Business Administration