Gainesville, Fla (WCJB) Apply for SBA Low Interest Disaster Relief loan
Apply for FEMA 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.
-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.
-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.
-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.
For more information visit SBA's website