Small Business Administration (SBA) offers affordable financial help to businesses and private non-profit organizations in declared disaster areas. We provide help in the form of low-interest, long-term loans for losses not fully covered by insurance or other means.
SBA’s disaster loans are the main federal assistance offered to repair and rebuild non-farm, private sector disaster losses. This is our only direct loan program and it is not limited to small businesses.
Businesses of all sizes as well as private non-profit organizations may borrow up to $2 million to repair or replace the following:
- Damaged or destroyed real estate
- Machinery and equipment
- Inventory and other business assets
In some cases, SBA may be able to refinance all or part of a prior mortgage or lien. We may also be able to increase the loan up to 20% of the confirmed physical losses.
You could use the loan increase to make improvements that reduce the risk of damage by future disasters. This could include improvements like retaining walls, seawalls, sump pumps, safe rooms, and storm shelters.
The SBA offers Economic Injury Disaster Loans (EIDL) up to $2 million to help meet working capital needs caused by the disaster. Any of the following may qualify for EIDL:
- Small businesses
- Small agricultural cooperatives
- Small businesses engaged in aquaculture
- Most private non-profit organizations of all sizes
We offer EIDL help whether the business had any physical property damage or not. The program limit for business loans is $2 million. This applies to all combined funding paid to a business and its affiliates for each disaster.