SBA Disaster Loan Program for Hurricane Matthew damage

The SBA is in Brevard County to assist Businesses, Homeowners, Renters and Non Profits in their recovery efforts from Hurricane Matthew.   The SBA Disaster Loan program is an important step in the recovery process and is available to Businesses, Homeowners, Renters and Non Profits of all sizes that were affected by Hurricane Matthew.  It is important for  Homeowners and Renters to understand that should they denied for an SBA Disaster Loan then will then be referred to FEMA for possible additional grant consideration.

For more information about SBA loans, call SBA’s Disaster Assistance Customer Service Center at 800-659-2955, email disastercustomerservice@sba.gov, or visit http://www.sba.gov/disaster or by visiting a Disaster Recovery Center near them.

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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.  The interest rates for business loans are as low as 4%.  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.

SBA Disaster loans can be up to $200,000 to homeowners 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 1.563% percent for homeowners and renters.

Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Click HERE for more information.