Disaster Relief Loans Available

Gainesville, Fla (WCJB) Apply for SBA Low Interest Disaster Relief loan
https://disasterloan.sba.gov/ela/

Apply for FEMA Assistance
https://www.fema.gov/apply-assistance

Disaster relief low interest loans are available through the U.S. Small Business Administration. Business physical, economic injury, and home disaster loans are available.

Requirements:
-Credit history: Applicants must have credit history acceptable to the SBA.
-Repayment: Applicants must show the ability to repay all loans
-Collateral: collateral is required for physical loss loans over $25,000 and all EDIL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack for collateral, but requires you to pledge what is available.

Interest rate:
-Business Loans: 3.305% with no credit available elsewhere. 6.610% with credit available elsewhere.
-Non-profit organization Loans: 2.500% with no credit available elsewhere. 2.500% with credit available elsewhere.
-Economic Injury Loans:
-Businesses with small and agricultural cooperatives: 3.305% with no credit available elsewhere. N/A with credit available elsewhere.
-Non-Profit Organizations: 2.500% with no credit available elsewhere. N/A with credit available elsewhere.
-Home Loans: 1.750% with no credit available elsewhere. 3.500% with credit available elsewhere.

Loan terms:
-Law authorizes loan terms up to a maximum of 30 years.

Loan Amount Limits:
-Business loans: up to $2,000,000
-Economic Injury disaster Loans (EIDL): up to $2,000,000
-Business Loan Ceiling: $2,000,000 statutory limit
-Home Loans: $200,000 for the repair or placement of real estate and $40,000 to repair or replace personal property.

Restrictions:
-Uninsured Losses
-Ineligible property
-Noncompliance

For more information visit SBA's website
https://disasterloan.sba.gov/ela/Information/DisasterLoanFactSheets