By Staff Reports
(Victor Valley)– SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation. SBA offers low-interest disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners and renters. Businesses may borrow up to $2 million for any combination of property damage or economic injury.
SBA offers low-interest working capital loans (called Economic Injury Disaster Loans) to small businesses, small businesses engaged in aquaculture and most private, nonprofit organizations of all sizes having difficulty meeting obligations as a result of the disaster. Homeowners may borrow up to $200,000 to repair or replace their primary residence. Homeowners and renters may borrow up to $40,000 to replace personal property.
THREE WAYS TO APPLY TO SBA