SBA Disaster Assistance Loans Still Available
Posted: December 14, 2012
Did you know that the U.S. Small Business Administration (SBA) offers low-interest federal disaster loans for damage and losses related to Hurricane Sandy? These loans are available to homeowners, renters, businesses of all sizes and private non-profit organizations impacted by Hurricane Sandy.
- Homeowners may borrow up to $200,000 to repair or replace their disaster-damaged primary residence.
- Homeowners and renters may borrow up to $40,000 to replace disaster-damaged personal property, including vehicles.
- Businesses of any size and private, non-profit organizations may borrow up to $2 million to repair or replace disaster-damaged real estate, machinery and equipment, inventory and other assets.
- Interest rates can be as low as 1.688% for homeowners and renters, 4% for businesses and 3% private non-profit organizations. Terms may be up to 30 years; the SBA determines loan amounts and terms based on each applicant’s financial condition.
The application filing deadlines are as follows:
- Physical damage: December 31, 2012
- Economic injury: July 31, 2013
Have questions or need more information? Contact the SBA Disaster Assistance Customer Service Center at 800.659.2955.