The SBA’s Disaster Assistance Program

The U.S. Small Business Administration is the federal disaster bank in the wake of hurricanes, floods, earthquakes, wildfires,

tornadoes and other physical disasters. After the president or the SBA administrator declares a disaster, homeowners, renters and businesses of all size may apply for low-interest SBA disaster loans.

Disaster loans
Physical Disaster Loans – Available for nonfarm businesses of any size and nonprofit organizations. SBA makes loans of up to $1.5 million to repair or replace damaged property, inventory and equipment.

Economic Injury Disaster Loans – Small businesses or agricultural cooperatives may be eligible for SBA assistance of up to $1.5 million if they have suffered substantial economic injury in a declared disaster area.

Real Property Loans– Loans up to $200,000 for homeowners to repair or restore a primary residence to its previous condition.

Personal Property Loans – Up to $40,000 for homeowners and renters to repair or replace personal property such as clothing, furniture or automobiles lost in the disaster.

Interest Rates: Usually up to 8 percent or less with up to 30-year terms (excluding Economic Injury Disaster Loans) for homeowners, renters and business owners unable to obtain credit elsewhere. Usually up to 8 percent or less with up to 30-year terms for homeowners, renters and business owners who can obtain credit elsewhere.