NEW SBA LOANS FOR HOMEOWNERS, RENTERS AND BUSINESSES 3/8/2016
U.S. SBA Office of Disaster Assistance is here to provide another opportunity for recovery for those Homeowners, Renters and Businesses through our long-term, low-interest disaster loans.
The SBA has approved $11,792,900.00 in the State of New Jersey in Disaster Loans for Homeowners, Renters and Businesses that are still struggling to complete their recovery from Super Storm Sandy. This program is available to assist those who have businesses who are still struggling as a result of Sandy, either economically or with repairs to the physical damage. In addition these loans can be used those people in your community that own summer rental properties along the shore that may still need assistance for the repair or possible elevation costs to those properties that were damaged.
With the “Super storm Sandy Relief and Disaster Loan Program Improvement Act”, the SBA Office of Disaster Assistance is here to provide another opportunity for recovery for those Homeowners, Renters and Businesses through our long-term, low-interest disaster loans.
In short the SBA Disaster Loan program is available to Businesses, private non-profit organizations of any size, Homeowners and Renters. Businesses and private non-profit organizations of any size, may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Homeowners may borrow up to $200,000 for the repair or replacement of disaster damaged or destroyed real estate. Homeowners and renters are also eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.
In addition, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
The Interest rates are as low as 3.0% for non-profit organizations and 4 percent for businesses and as 1.688% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Loan applicants should check with agencies/organizations administering any grant or other assistance program under this declaration to determine how an approval of an SBA Disaster loan might affect their eligibility.
Applications and more information can be found at :https://disasterloan.sba.gov or by calling 1-800-659-2955 or www.sba.gov