Disasters occur, it’s a fact of life, and nothing can stop one from occurring. After the disaster has passed and it is time to start repairing the damage, a large amount of funding is required. Fortunately, the Small Business Administration, or SBA, offers disaster relief loans to businesses, homeowners and renters who will need the funds to get back on their feet.
Types of Loans:
The SBA is very clear on the loans available to those who have gone through a disaster and are located within the disaster zone. The types of loans are not only provided to businesses, but also to homeowners and renters who have suffered from the disaster and are in need of cash to help repair the damages.
Homeowners and renters living in a disaster zone are eligible for the home and personal property loans. These are designed for personal use after a disaster damages or destroys a home or other personal property.
Businesses can apply for either the physical disaster loans or the economic injury loans. While both loan are designed to help the company, the physical disaster loans are meant to help repair physical damage to property while the economic injury loans are offered to businesses in a disaster zone who have see the loss of funding even if property was not damaged.
The SBA does more than just provide loans and relief opportunities, it also has offices around the country to help in a disaster. The Small Business Administration disaster center offices provide a wide range of services to individuals and businesses after a disaster occurs in the area.
The disaster center offices help disperse the funds for recovery services and helps companies or individuals fill out the appropriate paperwork to apply for the funds. The professionals in the SBA understand the problems that occur as a result of disaster and take measures to help relieve many of the issues that arise.
Natural disasters, terrorist attacks or accidents lead to a wide range of problems. The Small Business Administration takes measures to help improve the situation as soon as possible so that families, individuals and companies are able to recover and move forward.