Physical Disaster Declaration program

Small Business Administration (SBA) Physical Disaster Loans are the primary form of federal assistance for nonfarm, private sector disaster losses. Homeowners, renters, and businesses of all sizes are eligible to apply for physical disaster assistance if a Physical Disaster Declaration is issued by the SBA for their County. 

 

Highlights of the SBA Physical disaster loan program:

  • Homeowners may apply for up to $500,000 to replace or repair their primary residence.
  • Renters and homeowners may borrow up to $100,000 to replace or repair personal property — such as clothing, furniture, cars, and appliances — damaged or destroyed in a disaster.
  • Secondary homes or vacation properties are not eligible for these loans. However, qualified rental properties may be eligible for assistance under SBA's business physical disaster loan program.
  • Low interest and flexible loan terms

 

For more information, you can visit:

SBA Physical damage loans

Mitigation Assistance program

SBA offers low-interest disaster loans to homeowners and small businesses impacted by declared natural and other disasters. Eligible SBA disaster loan borrowers may choose to receive expanded funding to help mitigate their home or business against future disasters. SBA disaster loans can be increased up to 20% to make building upgrades.

 

Highlights of the SBA Mitigation Assistance program:

  • SBA disaster loans can be increased up to 20% to make building upgrades to strengthen your home or business against Wind, Flood, Wildfire, Earthquake, and Hail damage.
  • There is no cost to apply, and you are under no obligation to accept a loan if approved.

 

For more information, you can visit:

SBA Mitigation assistance

Economic Injury Disaster Loans (EIDL)

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). Substantial economic injury means the business is unable to meet its financial obligations and pay its regular and necessary operating expenses. 

 

Highlights of the SBA Economic Injury Disaster Loans (EIDL) program:

  • A business may qualify for both an EIDL and a physical disaster loan.
  • EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume

 

For more information, you can visit:

SBA Economic Injury Disaster Loans

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