The SBA disaster assistance program was created to help out those in need in disaster-struck areas. They have been instrumental in the rebuilding efforts after dozens of natural disasters. Also, they provide a number of services above and beyond merely lending. We’ll discuss a bit about how this program works and what it does, in today’s article.
Who is eligible? Commercial properties, not including farms and homes, are all eligible for the program. For the first stage of the program, the funds are designed to help you rebuild the physical property itself. There is also a separate program for working capital for small businesses.
These funds are designed to keep the company able to pay for its day-to-day operations while they rebuild. This would include such things as lease payments and wages. If you are in a disaster-struck area, you should contact the Small Business Administration to see if they can assist you.
Another part of the program is the disaster field offices. Unlike the loan program that indirectly assists companies, the field offices at ground zero are very different. They offer necessary equipment and supplies to keep critical businesses running smoothly. This equipment is either given or rented out, depending on the nature of the disaster, borrower, and tools being borrowed.
As you can see, the SBA does a lot more than just guarantee loans. Their disaster relief program has been very helpful in getting business and private residents back on their feet after a disaster. Also, their field offices give them eyes on the ground to know where assistance is necessary.