Disaster Assistance Loan is offered by Small Business Administration (SBA). The company provides disaster assistance in the form of low-interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters.
That is to say, SBA also offers eligible small businesses and nonprofit organizations working capital to help overcome the economic injury of a declared disaster. Continue reading to find out more about the platform.
Disaster Assistance Loan
Who can use an SBA disaster loan?
Businesses of all sizes are situated in declared disaster areas. Private nonprofit organizations, Homeowners, and renters are affected by declared disasters( such as civil unrest and natural disasters such as hurricanes, flooding, and wildfires).
Types Of Disaster Loans
Disaster Loans are in various types, they are as follows;
Physical Damage Loans
Are loans to cover repairs and replacement of physical assets damaged in a declared disaster. So, If you live in a declared disaster area and have experienced damage to your home or personal property, you may be eligible for financial assistance from SBA — even if you do not own a business
Are funds to cover small business operating expenses after a declared disaster. Help protect your home or business against future disasters. Rebuilding stronger is within reach.
Eligible SBA disaster loan borrowers may choose to receive expanded funding to help mitigate their home or business against future disasters. SBA disaster loans can be increased up to 20% to make building upgrades.
Economic Injury Disaster Loans
This loan gives economic relief to small businesses and nonprofit organizations that have suffered damage to their home or personal property. So, Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered a substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
Military Reservist Loan
The company gives loans to help eligible small businesses with operating expenses to make up for employees on active duty leave. So, if you have an essential employee who is a military reservist called to active duty, SBA provides loans to help eligible small businesses with operating expenses.
SBA Disaster Loan Application
Apply for a disaster loan today. These loans are available for businesses and homes affected by the disaster. After applying, you can check your status by logging into your account.
How to Apply for a Disaster Loan
To apply for this loan do the following;
- Progress to https://www.sba.gov/funding-programs/disaster-assistance
- Tap on the Apply for Disaster Assistance tab
- Select Apply button again and follow the onscreen directives
These are steps to apply for the loan
SBA Disaster Loan Assistance Application Login
To log into your account portal, do the following.
- Go to https://disasterloanassistance.sba.gov/ela/s/
- Tap on the login tab
- Fill in the login details and follow the onscreen directives.
This is the SBA disaster loan application login and account portal (for non-COVID physical or economic losses)
Use non-COVID-19 disaster loan assistance (disasterloanassistance.sba.gov) to complete your application or review your account for:
Home and Personal Property Loans
Business Physical Disaster Loans
Military Reservists EIDL
SBA Customer Service
If you have any questions or whatsoever, you can contact the customer service representative by phone. Their official mobile number is available on their website at https://disasterloanassistance.sba.gov/ela/s/
Scroll to the bottom of the page and tap on the Contact SBA tab. You will see their support phone number there.
How to find nearest SBA Branch
To find the nearest branch do the following
- Go to SBA’s official website
- Tap on Menu
- Select find nearest SBA tab
- Enter ZIP Code
- Click on the search button.
Follow the onscreen prompt to find the closest SBA location.