SBA Offers Superstorm Sandy Relief Loan Program
February 5, 2016
With the "Super storm Sandy Relief and Disaster Loan Program Improvement Act,” the Small Business Administration (SBA) Office of Disaster Assistance is offering another opportunity for recovery for homeowners, renters and businesses affected by Superstorm Sandy.
The SBA Disaster Loan program is available to businesses, private nonprofit organizations of any size, homeowners and renters. Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster0damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Homeowners may borrow up to $200,000 for the repair or replacement of disaster-damaged or destroyed real estate. Homeowners and renters are also eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
In addition, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes can apply for Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
The Interest rates are as low as 3.0 percent for nonprofit organizations, 4 percent for businesses and 1.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Loan applicants should check with agencies/organizations administering any grant or other assistance program under this declaration to determine how an approval of an SBA Disaster loan might affect their eligibility.
Applications and more information can be found at disasterloan.sba.gov or by calling 1-800-659-2955.