Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. That assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 1.688 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application at disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA's Customer Service Center by calling (800) 659-2955, emailing email@example.com or visiting SBA's website at www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
The filing deadline for property damage is Nov. 30. The deadline for economic injury applications is July 1.