The loans cover property, contents, automobiles and business-related losses.
The key to applying for an SBA loan is to first register with
McDonald is on a mission to get the word out to homeowners, renters and businesses.
"These SBA loans are provided for any uncompensated, uninsured losses," McDonald told
With an SBA loan, the disaster survivor would not have to wait for his or her insurance company to settle.
"The survivor could apply for the loan, begin the work and even complete repairs before the insurance company settles," McDonald said.
The loan recipient would then use his or her insurance settlement to pay off the SBA loan. The borrower would have up to 30 years to repay the loan, depending on how much uncompensated loss the property sustained. Generally speaking, the more damage, the more time one would have to repay the debt.
The SBA also offers disaster loans to private, nonprofit organizations that sustained losses.
Loans for homeowners can be as much as
Loans for renters can be as much as
Business owners can qualify for a loan of up to
There is also an economic injury loan available to business owners, which helps pay vendors and employees due to business interruption, McDonald said.
She said it is "in the best interest of the business owner" to go into a recovery center and speak with an SBA customer service representative in person, or to apply online at www.sba.gov. The recovery center in
For more information about SBA loans, call 800-659-2955.
To register with
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