SBA Disaster Loan Eligibility

We are here and ready to lend a hand to help Business Owners apply for the SBA Disaster Loan.  The process is quite lengthy and requires a lot of information so it’s not for the weak at heart.  You’ll need to have good records, good credit and a proven track record in your business.  If we feel that you are eligible, we will help you gather data to apply at no additional charge.

SBA’s Economic Disaster Loan Information

  • Eligibility – Any small business operating in an eligible business allowed by the SBA and most non-profits that do not have available credit elsewhere
  • Qualifications – Good credit history; Can demonstrate the ability to repay the loan; Can prove eligibility from economic loss
  • Loan $ Amount – up to $2M based upon the size and type of your business
  • Repayment Terms – 3.75% interest rate with terms up to 30 years
  • Allowed Use of Funds – fixed debts, payroll, and accounts payable. These loans are NOT designed to replace lost sales or profits
  • Collateral – Loans over $25,000 require the business and real estate, if available
  • Application Filing Requirements – Complete SBA loan application form; IRS Form 4507T from all owners and affiliate companies; Most recent federal tax return; Debt schedule (SBA form 2202) and a personal financial statement (SBA form 413) for all owners. Additional information may be requested.

 

SBA Economic Impact Disaster Loan Eligibility

  • What county does your business operate in?
  • The SBA requires a good credit score to qualify for this type of loan. What range is your credit score currently? (If you don't know, you can download a free report through Experian.com or a free service like CreditKarma.com)
  • Loans over $25,000 require collateral to be pledged.
  • Allowed Use of Funds – fixed debts, payroll, and accounts payable. These loans are NOT designed to replace lost sales or profits