Where to apply for small business disaster loan

## Where to Apply for Small Business Disaster Loan

**Federal Disaster Loans**

* **Small Business Administration (SBA)**

* Apply online: https://disasterloanassistance.sba.gov/ela/s/
* Call the SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY: 1-800-877-8339)

* **U.S. Department of Agriculture (USDA)**

* Farm Service Agency (FSA): https://www.fsa.usda.gov/programs-and-services/disaster-assistance-programs/
* Rural Development (RD): https://www.rd.usda.gov/programs-services/disaster-assistance

* **U.S. Economic Development Administration (EDA)**

* Apply online: https://eda.gov/disaster-assistance/
* Call the EDA Hotline: 1-800-913-1625 (TTY: 1-866-826-9451)

**State and Local Disaster Loans**

* **State Disaster Relief Agencies**

* Check your state’s website for disaster assistance programs. Contact information can usually be found on the state’s emergency management or disaster relief website.

* **Local Disaster Relief Organizations**

* Contact your local government offices (city, town, county) to inquire about disaster loan programs.
* Reach out to community non-profit organizations that may offer financial assistance to businesses affected by disasters.

## Eligibility Requirements

**Federal Disaster Loans (SBA, USDA, EDA)**

* Business must be located in a disaster-declared area.
* Business must have suffered economic injury as a result of the disaster.
* Business must have been unable to obtain credit elsewhere.
* Business must demonstrate ability to repay the loan.

**State and Local Disaster Loans**

* Eligibility requirements vary by state and locality.
* Typically, businesses must meet certain criteria related to their size, location, and financial impact from the disaster.

## Loan Terms

**Federal Disaster Loans (SBA, USDA, EDA)**

* **SBA Economic Injury Disaster Loans (EIDLs)**

* Maximum loan amount: $2 million
* Interest rates: 3.75% for small businesses, 2.75% for non-profit organizations
* Loan term: Up to 30 years

* **USDA Farm Service Agency (FSA) Emergency Loans**

* Maximum loan amount: $500,000
* Interest rates: 4% for actual losses, 2.875% for new operating expenses
* Loan term: Up to 7 years

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* **EDA Disaster Assistance Loans**

* Maximum loan amount: $5 million
* Interest rates: 6%, may be applied directly by state governments
* Loan term: Up to 20 years

**State and Local Disaster Loans**

* Loan terms vary significantly by state and locality.
* Contact the relevant state agency or local government office for specific information.

## Application Process

**Federal Disaster Loans (SBA, USDA, EDA)**

1. **Gather Required Documents:**

* Business registration documents
* Tax returns
* Financial statements
* Documentation of disaster-related damages or losses

2. **Apply Online or by Phone:**

* Follow the instructions provided by the SBA, USDA, or EDA.
* Submit the required documentation and information.

3. **Loan Review and Approval:**

* The loan application will be reviewed by the relevant agency.
* The agency will assess the eligibility of the business and the extent of the disaster-related damages or losses.

**State and Local Disaster Loans**

1. **Contact the Relevant Agency:**

* Reach out to the state disaster relief agency or local government office to inquire about disaster loan programs.

2. **Obtain Application Forms:**

* Request and complete the application forms provided by the agency.
* Gather the required supporting documentation.

3. **Submit Application:**

* Submit the completed application and supporting documents to the designated address or contact person.
* Follow the instructions provided by the agency.

## Tips for Applying

* Apply as soon as possible after the disaster occurs to maximize your chances of approval.
* Gather all required documentation before starting the application process.
* Be thorough and accurate when completing the application form.
* Provide evidence of your business’s financial losses or damages.
* If you are declined for a loan, consider exploring other financial assistance options, such as grants or insurance payouts.
* Seek professional guidance from a financial advisor or accountant if needed.

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