Businesses, Nonprofits Can Seek Low-interest Disaster Loans to Aid Recovery
Businesses and nonprofit organizations that sustained damage or losses from Hurricane Matthew in
SBA disaster loans are the major source of federal disaster recovery aid. The interest rates are low, and loan terms can be as long as 30 years.
SBA offers two types of disaster loans to businesses and most nonprofits: physical disaster loans and economic injury disaster loans. Physical disaster loans are used to repair or replace damaged buildings and business assets. Economic injury disaster loans help small businesses and most private nonprofits to meet financial obligations they cannot meet because of the disaster.
The maximum amount available to borrow:
* As a business of any size:
* As a homeowner:
* As a homeowner or renter:
SBA low-interest disaster loans for businesses have several advantages:
* SBA requires no collateral for both physical loans and economic injury loans below
* No wait for insurance settlements to obtain loans.
* No application fee or points for SBA disaster loans.
SBA gives applicants six months to decide whether to accept a loan. The filing deadline to return SBA loan applications for physical property damage is
SBA disaster loans are available to eligible businesses and nonprofits as well as individuals in
Small businesses and most private nonprofit organizations in the following adjacent counties are also eligible to apply only for SBA economic injury disaster loans:
Damage or losses from Hurricane Matthew in
SBA representatives are available at the following business recovery centers to provide information about disaster loans, the application process or help completing an SBA application.
* UGA Marine Extension Office,
* Savannah Entrepreneurial Center,
*
Applicants may apply online using the electronic loan application via SBA's secure website at DisasterLoan.sba.gov/ela. Disaster loan information and application forms are available online at SBA.gov/disaster, from
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