Looking for a loan option designed for your specific small business situation? Learn more about SBA loans and how they can fit your needs to help you grow your business. While there are many types of loans offered by the Small Business Administration, disaster loans are a specialized option that can be just the tool many affected businesses need to restore their property and grow their business.
In the event of a disaster, it’s difficult to restore your business, particularly if you don’t have the business history necessary to obtain a traditional loan with generous terms. An SBA loan is designed for small business owners just starting out, but business owners who already have 7(a) or 504 loans may struggle to receive additional financing to handle crisis-related expenses.
Find out how you can apply for a disaster loan to take back your business and keep it moving forward. These loans can be administered for your own home restoration costs, business location repairs or economic injuries. Natural disasters not only affect your physical location but the time spent making repairs can be devastating on a business’s profits. SBA disaster loans provide up to $2 million in loans with competitive terms to restore damages.
Check with the SBA database to determine if your location and the specific tragedy qualify as a disaster. If a Presidential disaster is declared or if you live in a particular area that has been shown to be impacted by a particular disaster, you can apply for a disaster loan.
Register through the Federal Emergency Management Agency and start an SBA application. You’ll need a range of business information to complete the application. While may SBA loan types take months to receive approval and funding, disaster loans are typically sent out in a few weeks. Depending on the amount and the terms you agree to, there are set limits to interest rates and repayment terms.
Compare SBA loans with other loan options to find out how you can get your business back on its feet after a disaster. Don’t let a fire, flood, pandemic, or other disasters shutter your business permanently, but enjoy efficient funding with generous rates aimed at businesses in your specific situation. Don’t settle for a short-term loan with high interest or try to pay for all the repair costs out of pocket. SBA disaster loans are available for a number of national and local disasters and have fixed rates to ensure you can afford to pay back your loan and grow your business.