|
|
Mortgage Loans Debt
Platinum Boarder |
|
|
|
Physical Disaster Loans - 2007/05/08 18:13
Program Description
If your business -- large or small -- has suffered physical damage as a result of a disaster, you may be eligible for financial assistance from the U.S. Small Business Administration.
Any business that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help repair or replace damaged property to its pre-disaster condition. The SBA makes physical disaster loans of up to $1.5 million to qualified businesses.
General Program Requirements
Any business that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help repair or replace damaged property to its pre-disaster condition. The SBA makes physical disaster loans of up to $1.5 million to qualified businesses.
SBA loans will cover uninsured physical damage. If you are required to apply insurance proceeds to an outstanding mortgage on the damaged property, you can include the amount applied in your disaster loan.
Note: Charitable, religious, nonprofit and similar organizations with the ability to obtain credit elsewhere are eligible for physical disaster loans for up to 30 years at an interest rate based upon a different statutory formula. The nearest SBA disaster office can supply you with the interest rate.
Loan Terms
Disaster loans can be used to repair or replace real property, machinery, equipment, fixtures, inventory and leasehold improvements. In addition, disaster loans to repair or replace real property or leasehold improvements may be increased by as much as 20 percent to protect the damaged real property against possible future disasters of the same type.
|
|
Loans
