About Disaster Loans
The U.S. Small Business Administration (SBA) has issued a disaster declaration in every state in the country due to COVID-19, meaning you can apply for an SBA Disaster Loan.
The SBA provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations,
homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property.
Apply for Loan
- Apply 1) online: 2) in-person at a disaster center: or 3) by mail.
Loans can be used for:
- Physical Damage: businesses of any size may borrow up to
- Economic Injury: small businesses, small agricultural
cooperatives, small businesses engaged in aquaculture, or
private non-profit organizations may borrow up to $2million.
- Small businesses may apply for a maximum business loan
(physical and EIDL) of $2 million.
- Homeowners may borrow up to $200,000 to repair/replace your disaster damaged primary residence.
- Homeowners or renters may borrow up to $40,000 to
repair/replace damaged personal property.
Property Verified and
- SBA reviews your credit before conducting an inspection to verify your losses.
- An SBA verifier will estimate the total physical loss to your
disaster damaged property.
- A loan officer will determine your eligibility during
processing after reviewing any insurance or other
recoveries. SBA can make a loan while your insurance
recovery is pending.
- A loan officer works with you to provide all necessary
information needed to reach a loan determination. Our
goal is to arrive at a decision on your application within
Loan Closed and Funds Disbursed
- SBA will prepare and send your Loan Closing Documents
for your signature.
- Once we receive your signed Loan Closing Documents, an
initial disbursement will be made to you within 5 days,
typically up to $50,000 of the total loan amount.
- A case manager will be assigned to work with you to help you meet all loan conditions. They will also schedule subsequent disbursements until you receive the full loan amount.
- Your loan may be adjusted after closing due to your
changing circumstances, such as increasing the loan for
unexpected repair costs or reducing the loan due to FFWF additional insurance proceeds.