Disaster Assistance Loans

To provide loans to the survivors of declared disasters for uninsured or otherwise uncompensated physical damage and economic injury.

Eligible applicants must have suffered physical property loss or economic injury as a result of a disaster which occurred in an area declared by the President or SBA. They must also demonstrate an ability and willingness to repay the loan. Business concerns, charitable and private nonprofit organizations and individuals are eligible to apply for assistance.

Business concerns, charitable and private nonprofit organizations, and individuals. Agricultural enterprises are ineligible.

For homeowners and renters: A Home Loan Application (SBA Form 5c) completed and signed by Applicant and Co-Applicant and an IRS Form 4506T completed and signed by Applicant and Co-Applicant to enable SBA to obtain tax return information from IRS. For Businesses: A Business Loan Application (SBA Form 5) completed and signed by business applicant and an IRS Form 4506T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management.). Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available. Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member. Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).

Loans made to businesses of all sizes, private nonprofit organizations, homeowners and renters to repair or replace damaged or destroyed real property and/or personal property to its pre-disaster condition. Credit elsewhere test required for all applicants to determine interest rate. Loans to homeowners/tenants are made for up to 30 years. For homeowners, limit of $500,000 for repair/replacement of real property; for homeowners and renters, limit of $100,000 for repair/replacement of personal property. The loan limit may be increased to provide post-disaster mitigation. Loans to business generally may not exceed $2,000,000. For businesses determined to be able to obtain credit elsewhere, maturities may not exceed 7 years. For businesses determined to be unable to obtain credit elsewhere and for private nonprofit organizations, maturities may not exceed 30 years. Under certain circumstances, homeowners and businesses may be eligible for refinancing of existing liens. Economic Injury Disaster Loans are available and provide working capital to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. Provisions of the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 apply.

Funds must be disbursed within six months of authorization of the loan, unless extended.

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SBA now offers you the option of filing home and business disaster loan applications through the Electronic Loan Application (https://disasterloan.sba.gov/ela). Over 90% of our applications are submitted through the Electronic Loan Application. Applicants have the option of submitting an application via mail. Applicants may also apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA representative. Applicants can find information by contacting SBA's Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

Applicant is notified of approval by authorization letter from SBA.

Generally, from 2 to 3 weeks depending on complexity of case and availability of resources.

Additional information provided on SBA's website at www.sba.gov/Disaster.

Reconsideration of a declined application can be requested within 6 months of the initial decline, and appealed within 30 days from the reconsideration decline.