{"id":1112,"date":"2017-09-19T12:17:31","date_gmt":"2017-09-19T19:17:31","guid":{"rendered":"https:\/\/cmcdllc.com\/?p=1112"},"modified":"2021-06-14T17:47:41","modified_gmt":"2021-06-15T00:47:41","slug":"apply-for-low-interest-long-term-disaster-loans-after-a-disaster-like-harvey-storm","status":"publish","type":"post","link":"https:\/\/cmcdllc.com\/?p=1112","title":{"rendered":"September 2017 &#8211; Apply For Low-Interest, Long-Term Disaster Loans After A Disaster Like Harvey Storm"},"content":{"rendered":"<p><strong>What are SBA disaster loans<\/strong><\/p>\n<ul>\n<p>The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.<\/p>\n<p><strong>Types of SBA disaster loans<\/strong><\/p>\n<ul>\n<p style=\"text-align: justify;\"><em>1.\tHome and Personal Property Loans <\/em><\/p>\n<p>If you are in a declared disaster area and are the victim of a disaster, you may be eligible for financial assistance from the SBA, even if you don&#8217;t own a business. You can borrow up to $40,000 to repair\/replace low-valued items (clothes, furniture, car, appliances). Homeowners may borrow up to $200,000 to repair\/replace their primary house.<\/p>\n<p style=\"text-align: justify;\"><em>2.\tBusiness Physical Disaster Loans <\/em><\/p>\n<p>Any business or organization located in a declared disaster area and that incurred damage during the disaster may apply for a loan to help replace or restore damaged property. Businesses can borrow up to $2 million to repair\/replace damaged real estate, equipment, inventory and fixtures.<\/p>\n<p style=\"text-align: justify;\"><em>3.\tEconomic Injury Disaster Loans <\/em><\/p>\n<p>If you are in a declared disaster area and have suffered economic injury regardless of physical damage, you may qualify for an Economic Injury Disaster Loan (EIDL). Businesses can borrow up to $2 million to meet necessary financial obligations \u2013 expenses the businesses would have paid if the disaster had not occurred.<\/p>\n<p><strong>Loan terms and interest rate<\/strong><\/p>\n<ul>\n<p>Loan repayments can be up to 30 years. Interest rate will not exceed 4% (for applicants unable to obtain credit elsewhere) or 8% (for applicants able to obtain credit elsewhere).<\/p>\n<p><strong>How to apply for SBA disaster loans<\/strong><\/p>\n<ul>\n<p>The fastest way is to apply online at the SBA\u2019s secure website: https:\/\/disasterloan.sba.gov\/ela. <\/p>\n<p>In general, there are 3 steps:<br \/>\n1.\tApply for the loan: you provide all required information to the SBA.<br \/>\n2.\tProperty Verified and Loan Processing Decision Made: SBA officers assess your eligibility, review your credit, estimate your loss, and work with you to discuss the loan terms.<br \/>\n3.\tLoan Closed and Funds Disbursed: SBA approves the loan and sends you necessary documents for your signature. The initial disbursement will normally be made to you within 5 days after SBA receives the signed documents.<\/p>\n<p><strong>When your application will be approved<\/strong><\/p>\n<ul>\n<p>The SBA tries to make a decision on each application within 2-3 weeks. Make sure the application is complete, since missing information is a major cause for delays.<\/p>\n<p><strong>Which Texas counties are eligible for SBA disaster loans<\/strong><\/p>\n<ul>\n<p>If you or your business is located in the following counties, you are eligible for SBA disaster loans:<br \/>\nAransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, Dewitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, Wharton.<\/p>\n<p>The following contiguous Texas counties are eligible for Economic Injury Loans only:<br \/>\n Angelina, Atascosa, Brooks, Burleson, Caldwell, Grimes, Guadalupe, Houston, Jim Wells, Kenedy, Live Oak, Madison, Milam, San Augustine, Shelby, Travis, Trinity, Washington, Williamson, Wilson.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are SBA disaster loans The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/1112"}],"collection":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1112"}],"version-history":[{"count":5,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/1112\/revisions"}],"predecessor-version":[{"id":1577,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=\/wp\/v2\/posts\/1112\/revisions\/1577"}],"wp:attachment":[{"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cmcdllc.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}