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SBA Disaster Loan Application Deadline is April 1

Written by The Two River Times. Posted in Letters & Commentary

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SBA Disaster Loan Application Deadline is April 1

Published on March 29, 2013 with No Comments

The U.S. Small Business Administration (SBA) Dis­aster Loan Program – Hur­ricane Sandy offers this important information:

 

Monday, April 1 is the deadline to apply for SBA disaster loans.

• SBA has approved over $652 million in disaster loans.

• SBA offers low interest disaster loans for uninsured or uncompensated losses/ damages for renters, homeowners and businesses of all sizes.

• First register with FEMA at 1-800-622-FEMA (3362).

• It is very important to return SBA applications.

• If approved for a loan, a person can decline the loan. Applicants do not have to accept the SBA loan or can take a portion of the loan.

• SBA offers disaster loans to renters, homeowners and businesses up to $40,000 to replace damaged or destroyed essential items such as cars, appliances, clothing and furniture.

• Homeowners can borrow up to $200,000 to repair their home (real property). The interest can be as low as 1.688 percent and up to 30 years for both renters and homeowners.

• Businesses and nonprofits can borrow up to $2 million for physical property, machinery, equipment and inventory.

• Small businesses and most nonprofits may apply for up to $2 million for Economic Injury to meet working capital needs. There is not a requirement for physical damage to qualify for Economic Injury loan.

• All business loans are at four percent interest and can be up to 30 years. Nonprofit loans are at 3 percent interest and can be up to 30 years.

• Hurricane Sandy survivors can apply online at disasterloan.sba.gov/ela or call SBA Customer Service at 1-800-659-2955 to find Disaster Recovery Center or Disaster Loan Outreach Center to visit and apply.

 

Why Apply for an SBA Disaster Loan?

 

• If a person is declined an SBA loan, the person may be eligible for FEMA grants.

• Do not wait for insurance to settle because there may be a shortfall.

• SBA can work with a homeowner to shape a loan that fits their personal budget.

• By submitting an SBA loan application, it keeps the full range of disaster assistance available to applicant.

 

The U.S. Small Business Administration, Office of Disaster Assistance

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