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
If you liked this story, you’ll love our newspaper. Click here to subscribe
You may also like
By Gretchen C. Van Benthuysen | The Monmouth Coun...
By Jay Cook | LINCROFT – In the event another ...