When you are the victim of a disaster, you may qualify for assistance from the United States Small Business Administration in the form of a disaster loan. The SBA recently began offering the option of electronic filing for both business and home disaster loan applications. Under this system, applications can be filed using the Electronic Loan Application, or ELA. As always, applications can also be sent to the SBA through the mail. As a third option, applicants may also request a loan in person by visiting a Disaster Recovery Center and speaking with a representative of the SBA.
The ELA greatly simplifies the disaster loan application process, and it also increases the speed of the response. You can use the ELA to apply for assistance if your business or home suffered damage during any declared disaster. Businesses are eligible for assistance to cover damages to business property and real estate, as well as for economic losses. Renters and homeowners can ask for assistance to cover damage done to vehicles, personal property, and homes.
If you are a homeowner or renter applying for a loan to cover damage from a Presidential disaster declaration, you must obtain a FEMA ID number before you can proceed.
When completing an application for disaster assistance using the ELA, you will need to have certain information with you in order to complete the forms. If you are applying for a loan for your business, you will need your insurance information, owner information and contact information. When providing your insurance information, make sure you offer your policy numbers, carriers and applicable names and addresses for agents. When supplying your owner information, include your FEMA ID number, EIN number and social security number.
If you are applying for SBA loans for your home, include your insurance information, deed or lease information, identities of all applications and contact information for all applicants. Just as for a business application, you need to include your policy numbers, carrier name, agent names and addresses with your insurance information. You may also need to include financial information, such as your monthly income and credit balances.
To apply for funding for your small business, use the form on the right to begin the application process.