If your home or business has been affected by a presidentially declared disaster, you may be eligible for financial assistance through the Small Business Administration (SBA). These low-interest loans can help individuals, businesses, and nonprofits recover from losses that insurance may not fully cover.
What SBA Disaster Loans Can Cover
SBA disaster loans are designed to pay for a wide range of recovery expenses, including:
- Repair or replacement of damaged property
- Personal property losses
- Costs not covered by homeowners’ or business insurance policies
Types of SBA Disaster Loans
1. Economic Injury Disaster Loan (EIDL)
- Provides working capital to cover operating expenses, even if there is no physical damage.
2. Home and Personal Property Loans
- Assists homeowners and renters in repairing or replacing damaged houses, vehicles, furniture, appliances, and clothing.
3. Business Physical Disaster Loan
- Covers the cost of repairing or replacing damaged buildings, machinery, equipment, inventory, and fixtures.
4. Military Reservists Economic Injury Loan
- Helps businesses manage operating costs when a key employee is called to active duty as a military reservist.
How to Apply
You can apply for an SBA disaster loan in the following ways:
- Online: Submit your application at SBA.gov.
- In Person: Visit a FEMA Disaster Recovery Center (DRC).
- By Phone: Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 711) to request paper forms or locate a nearby DRC.
Documents You’ll NeedTo apply, prepare the following documentation:
- Contact details for all applicants
- Social Security numbers for all applicants
- FEMA disaster declaration number
- Deed or lease information
- Insurance details
- Financial records
- Employer Identification Number (EIN), if applicable
