Home and Property Disaster Loans

General Loan Program Requirements
To be eligible for a Disaster Loan, an individual must be located in a Declared Disaster Area. Insurance proceeds, or any other type of compensation must be either first used or pledged to the loan. This prevents duplication of benefits and allows SBA to reach more disaster victims.

Loan Program Description
If you are in a declared disaster area and are the victim of a disaster, you may be eligible for financial assistance from the U.S. Small Business Administration - even if you don't own a business. As a homeowner, renter and/or personal-property owner, you may apply to the SBA for a loan to help you recover from a disaster.

Insurance Proceeds: If you have insurance coverage on your personal property/home, the amount you will receive from the insurance company will be deducted from the total damage to your property in order to determine the amount for which you are eligible to apply to the SBA.

Loan Terms
The interest rate is no more than 8% for applicants that can obtain credit elsewhere; no more than 4% for applicants that can not get credit elsewhere.

The length of the loan is 30 years, with a maximum of $200,000 for Real Estate; $40,000 for Personal Property.

Loan Application Process
Once a Disaster has been declared, an applicant should contact the Federal Emergency Management Administration (FEMA) tele-registration number. It is a Toll Free number and is broadcast in the regions of disasters. SBA and FEMA have worked together to simply the process so that disaster victims can call one phone number for most of their needs. After supplying some basic information, applicants eligible for SBA loans can begin the application process. SBA staff will be in the community of the Disaster to help with the application process.

Loan Managing Agency
U.S. Small Business Administration
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