Small Business Administration Offers Disaster Loans New

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The Small Business Administration is once again available to help businesses, landlords and tenants who suffered losses from Hurricane Ida.

SBA disaster loans are the primary source of federal assistance to help pay for repair or replacement costs that are not fully covered by insurance or other compensation.

The SBA offers low-interest disaster loans to businesses of all sizes, most private non-profit organizations, landlords and tenants.

Businesses can borrow up to $ 2 million for any combination of property damage or economic harm.

The SBA offers low-interest working capital loans (called economic disaster loans) to small businesses, small businesses active in aquaculture, and most private non-profit organizations of all sizes. having difficulty meeting their obligations as a result of the disaster.

Homeowners can borrow up to $ 200,000 to repair or replace their primary residence.

Homeowners and tenants can borrow up to $ 40,000 to replace their personal assets.

Interest rates can be as low as 2.855% for businesses, 2% for private nonprofits, and 1.563 percent for landlords and tenants with terms of up to 30 years.

Note: Loan applicants should check with the agencies / organizations administering any grant or other assistance program under this statement to determine how an SBA disaster loan approval might affect their eligibility.

For questions or assistance with virtual applications, call the SBA Virtual Business Recovery Center and SBA Virtual Disaster Loan Outreach Center 7 a.m. to 7 p.m. Monday through Sunday at (800) 659-2955

Here are some useful links:

Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339.


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