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How to Apply for an SBA Disaster Loan
November 15, 2024 @ 11:00 am - 12:00 pm
Free
A Step-by-Step Guide
In the wake of Hurricane Helene’s impact on Western North Carolina, this training provides timely guidance for accessing the SBA Disaster Loan Program. Led by experts from the SBA Office of Disaster Recovery & Resilience, the session will help businesses understand how to navigate the application process, from determining eligibility to maximizing loan benefits like flexible repayment terms and mitigation funding. Whether you’re directly impacted or assisting others, this program offers valuable insights to support long-term recovery and resilience.
What We Will Cover
Purpose of SBA Disaster Loan Program
- Low-interest loans for businesses affected by major disasters.
Types of Loans Available
- Business Physical Disaster Loans: Up to $2 million for businesses.
- Economic Injury Disaster Loans (EIDL): Up to $2 million in working capital.
- Mitigation Funding: Additional 20% funding for approved applicants.
Benefits of Applying
- No fees, low interest, no payments for 12 months, flexible terms up to 30 years.
- Loan modification available; potential for insurance coverage, refinancing or relocation.
Application Requirements
- Contact information, Social Security numbers, financial details, and insurance info.
- Additional documents may be requested.
Application Process
- Apply online at SBA.gov/disaster or in person at recovery centers.
- Use the MySBA Loan Portal to monitor requests, upload documents, and manage requests.
General Tips
- Register with FEMA, apply even if unsure and use SBA loans to pay off high-interest debt.
