Knowing the steps to get a business loan can help reduce frustration and increase your chances of approval.
A business loan can help you start or grow your business, but navigating the loan process and instructions can be difficult if you do not know how to obtain a business loan.
What is Business Physical Disaster Loans?
If you are in a disaster area and your business has been damaged, you may be eligible for financial assistance from the Small Business Administration (SBA). Companies of any size and most private nonprofits can apply to the SBA for a disaster recovery loan.
Who is eligible for Business Physical Disaster Loans?
To be eligible for this benefit program, your business or private non-profit organization must meet both of the following:
- Has sustained physical damage.
- Is located in a disaster-declared county.
What are the loan terms for Business Physical Disaster Loans?
The SBA can only approve loans to applicants who have a reasonable ability to repay the loan and other income obligations. The interest rate will not exceed 4 percent if you do not get a loan anywhere else. For companies and non-profit organizations with a credit available elsewhere, the interest rate will not exceed 8 percent. The SBA determines whether the applicant has credit available elsewhere. The repayment period can be up to 30 years depending on your ability to repay the loan.
|Max Loan Length||3 or 30 years|
|Max Loan Amount||$2.0 million|
|Max Loan Length||Varies|
How do I apply for Business Physical Disaster Loans?
Apply online for disaster loan assistance at your own convenience through SBA’s secure Disaster Loans Assistance website.
You must submit the completed loan application and a signed and dated IRS form 8821 giving permission for the IRS to provide SBA with your tax return information.
Click on the apply link below to apply.
How can I contact someone?
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