How Do SBA Disaster Loan Programs Work?
The SBA offers disaster loan programs to businesses and individuals who have been affected by a natural disaster. The loans are designed to help with the rebuilding process and can provide up to $250,000 for businesses, and $200,000 for individuals. To be eligible for a loan, you must live or work in the affected area.
The Many Types of SBA Disaster Loans
There are a few different types of SBA disaster loans available. The Economic Injury Disaster Loan is for businesses who have suffered financial losses as a result of the disaster. The Physical Disaster Loan is for businesses that have suffered physical damage to their property as a result of the disaster. The Homeowner Disaster Loan is available to homeowners who have been affected by a natural disaster. And finally, the Personal Disaster Loan is available to individuals who have been affected by a natural disaster.
The Disaster Loan Application Process
You will need to provide some information about yourself and your business or property, as well as documentation of the damage caused by the disaster. Once you have submitted your application, the SBA will review it and decide on whether or not you are eligible for a loan. If you are approved, you will be required to sign a promissory note and will be given a loan disbursement schedule.
If you have any questions about SBA disaster loans, you can contact the SBA Disaster Assistance Center for Customer Service at 1-800-659-2955 (TTY: 1-800-877-8339). Representatives are available Monday through Friday from 8 am to 8 pm ET. You can also email firstname.lastname@example.org.
For more in-depth information regarding the SBA disaster loan and the associated process, please don’t hesitate to contact a finance and business expert at TCF Capital. We have a collective century’s worth of experience in the loan process and other business topics.