Disaster Assistance From The Small Business Adminstration

By: Gregory Smith in Insurance Quotes on Sep. 26, 2011

Whether you have insurance or not, you could get help from the Small Business Administration– and you don’t even have to be a business owner to receive it. If you live in declared disaster area and you are a victim you can receive a low-interest rate disaster loan from the SBA. Renters and homeowners can borrow up to $40,000 for repairs or replacements to items like clothing, furniture, cars or appliances that were damaged as result of the disaster. You can’t use the money to upgrade your home, but you can use it to make improvements that would make future property damage less likely.

For business owners impacted by recent disasters such as Hurricane Irene the SBA could help. You can apply for a low-interest loan to help you repair physical damage or a sustained economic injury. Loans for physical damage are available up to $2 million to replace or repair real estate, equipment, inventory or fixtures. If your damage was largely economic you can receive up to $2 million to help you meet necessary financial obligations. Repayment can be made up to 30 years and the interest rate is less than four percent.

You can apply electronically online at https://disasterloan.sba.gov. Once you apply the SBA will send an inspector to your location to estimate the cost of the damages you received from the disaster. You can’t delay, though because there are deadlines for various disasters. It’s important to review the current Disaster Declarations to see if your area is covered.

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