SBA Disaster Assistance SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Businesses of all sizes located in declared disaster areas, private nonprofit organizations, homeowners, and renters affected by declared disasters, including civil unrest and natural disasters such as hurricanes, flooding, and wildfires. • Losses not covered by insurance or funding from the Federal Emergency Management Agency for both personal and business • Business operating expenses that could have been met had the disaster not occurred Disaster Assistance If you own a business located in a declared disaster area that has experienced damage, you may be eligible for financial assistance from SBA. Businesses of any size and most private non-profit organizations may apply to SBA for a loan to recover after a disaster. If you live in a declared disaster area and have experienced damage to your home or personal property, you may be eligible for financial assistance from SBA — even if you do not own a business. As a homeowner, renter, or personal property owner, you may apply to SBA for a loan to help you recover from a disaster. Economic Injury Loans Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL). Mitigation Assistance You can protect your home or business and reduce property damage with the help of SBA. If you've been affected by a disaster, you can rebuild a stronger business by increasing your SBA disaster assistance loan up to 20% of your verified physical damage to make mitigation improvements. Borrowers generally have two years after their loan approval to request an increase for higher rebuilding costs, code-required upgrades or mitigation. Types of SBA Disaster Loans Physical Damage Loans
107
Made with FlippingBook - Online Brochure Maker