November 24, 2015
Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
In addition the SBA Disaster loans are also available to homeowners up to $200,000 to for the repair or replacement of disaster damaged or destroyed real estate. Homeowners and renters are also eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property. This could include automobiles that were damaged in the storm.
The Interest rates are as low as 1.875% for homeowners and renters, 2.625% for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.