SBA Disaster Loans Are For Individuals As Well As Businesses
Release Date: October 18, 2002
Release Number: 1435-64
» More Information on Louisiana Tropical Storm Isidore
Baton Rouge, LA -- U.S. Small Business Administration (SBA) loans aren't limited to just businesses.
Loans to homeowners to help pay for repair or replacement of disaster losses, and to renters who need to replace their priceless belongings as a result of the incident, are equally encouraged to apply for a low-interest loan.
In fact, most SBA loans go to individuals and families, and interest rates in a disaster recovery case may be less than 3 ½ percent.
People who registered for disaster assistance in the aftermath of Tropical Storm Isidore and Hurricane Lili may have received a SBA loan application that applies to either individuals or businesses. Additional assistance may be available from the state Individual and Family Grant Program, if the SBA loan is denied.
Only after they do not qualify for a SBA loan can FEMA consider direct assistance in the form of disaster grants.
SBA disaster loans to individuals and businesses may be long-term, making them affordable to almost any budget. The SBA can lend up to $200,000 to repair damaged homes and up to $40,000 for replacement of personal property damaged in a declared disaster.
A maximum SBA loan of $1.5 million is available for a business that suffered disaster losses to its property, equipment or through a loss of income known as economic injury.
Last Modified: Thursday, 24-Jul-2003 16:44:17