SBA’s Disaster Loan Program Explained

By kmurray Did you know that in the wake of a disaster, SBA provides low-interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations? In the aftermath of hurricanes, floods, earthquakes, wildfires, tornadoes and other disasters, SBA is the primary source of money from the federal government for long-term recovery assistance. Am I eligible? SBA’s Disaster Loan Program is not exclusively for small businesses. These low-interest, long-term loans are available for damage to private property owned by individuals, families, businesses of all sizes and private nonprofits not fully covered by insurance. While property owners usually have some insurance coverage, often it does not cover all losses or even the type of hazard that caused the damage. And that’s where a disaster loan comes into play. What can I use the loan for? There are actually a few different types of disaster loans available. SBA can provide up to $2 million in disaster assistance for businesses. This includes loans to cover physical damage and economic injury losses. . Some applicants will qualify for both an economic injury loan and a physical disaster loan. Meanwhile, the dollar limit for the combined loans is $2 million. Physical damage is […]

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