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Disaster Loan Program
Natural disasters typically impact businesses and individuals that are in their direct path or in the geographical area surrounding its point of impact. Whether it is an earthquake in California, a flood along the Mississippi River, a hurricane in Florida, or a tornado in Kansas, there could be a loss of life and millions or even billions of dollars in damages that result. Fortunately, agricultural cooperatives, business owners, homeowners, and a wide range of other individuals may qualify for financial assistance from the SBA.
The SBA Disaster Loan Program provides these companies and individuals with low-interest disaster loans so that they can repair or replace business assets and inventory, equipment and machinery, personal property, and real estate that was damaged or lost. With the Electronic Loan Application recently added to their website, applying for the Disaster Loan Program is now easier than ever before. The following is information regarding certain aspects and particulars of the program.
Disaster Center Offices – the SBA has established a number of strategically located disaster office locations throughout the US.
Current Disaster Declarations – low-interest disaster loans are now available for businesses of any size, homeowners and renters, and non-profit and private organizations in order to pay for repairs or replacement of business assets and inventory, equipment and machinery, personal property, and real estate.
Use of proceeds – the SBA has established guidelines specifying how the proceeds of the disaster loans can be used. These loans were developed in order to help businesses and individuals get through the aftermath of a natural disaster.
2012 Drought Disaster Assistance – the 2012 drought was financially devastating to the many smaller agricultural cooperatives and aquaculture businesses as well as smaller non-farm businesses and private, nonprofit organizations. If you were in this situation, you could have qualified for EIDL’s or Economic Injury Disaster Loans.
Different Types of Disaster Loans
The following is a list of the 4 disaster loan programs currently being offered through the Small Business Administration:
Home Disaster Loans – loans that are available to homeowners and renters. These loans enable disaster victims to repair or replace personal property or real estate that was damaged or lost during a natural disaster.
Business Physical Disaster Loans – these loans are available to any size business as well as private, non-profit organizations including charities, churches, or private universities provided they meet eligibility requirements. The proceeds must go towards repairing or replacing property damaged during a natural disaster including equipment and machinery, inventories, real estate, and supplies.
Economic Injury Disaster Loans (EIDLs) – this funding helps during the recovery period after a natural disaster and are working capital loans. They help businesses, most private non-profit organizations, and small agricultural cooperatives to repair and replace damaged equipment and machinery, inventories, real estate, and supplies.
EIDL assistance – only available to businesses and their owners are unable to recover using non-government resources.