AllBusiness:
Following a declared disaster, the U.S. Small Business Administration (SBA) provides low-interest loans to business owners in the declared disaster areas and adjoining counties to help them recover from both physical damage and economic injury to their businesses. Homeowners may be eligible for loans to repair their primary residences, and both homeowners and renters may receive loans to repair or replace personal property.

In general, your ability to receive an SBA disaster loan depends on 2 things:

* You must be able to document damage and/or business loss due to the disaster.

* You must demonstrate the ability to repay a loan.

The SBA disaster loan application (Form 5) will require you to prepare an itemized list of losses with an estimate of the cost to repair or replace each item. Include a contractor’s estimate for structural damage if you can.

In addition to the SBA loan application, you will need to provide copies of the documents specified in the disaster loan application filing requirements. The standard list includes… continue reading.

By MrMoney on November 7th, 2007
In: Posts In English, Money / Credit / Insurance / Finance, Small Business  | 

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