You may be eligible for low-interest loans for your home and business through the Small Business Administration (SBA) disaster assistance.
Information reposted courtesy of the U.S. Small Business Administration
SBA Provides Deferments to Borrowers in Hurricane Affected Areas
Effective immediately, SBA is providing an automatic 12 month deferment of principal and interest payments for SBA-serviced business and disaster loans that were in “regular servicing” status on August 25, 2017, in those primary counties designated as Federal disaster areas. Read more
How SBA Can Help
SBA offers low-interest, long-term disaster loans to small businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property.
Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
SBA will be alongside FEMA at Disaster and Business Recovery Centers, providing assistance to disaster survivors. At the centers, disaster survivors will be able to apply in person, and get counseling on the next steps toward recovery.
How to Apply
Apply online, in-person at a disaster center, or by mail. A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries. SBA can make a loan while your insurance recovery is pending.
As a business of any size, you may borrow up to $2 million for physical damage.
As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization you may borrow up to $2 million for Economic Injury.
As a small business, you may apply for a maximum business loan (physical and/or economic injury) of $2 million.
As a homeowner you may borrow up to $200,000 to repair/replace your disaster damaged primary residence.
As a homeowner or renter, you may borrow up to $40,000 to repair/replace damaged personal property.
For more information about SBA Disaster Loans, visit disasterloan.sba.gov. SBA’s Customer Service Center is also available to provide assistance at 1-800-659-2955 or by e-mail at email@example.com.
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