The application deadline is September 23 for SBA disaster loans
Why apply for an SBA Disaster Loan?
• I don’t have a small business, so why do I need to apply to SBA? SBA disaster loans are also available to cover homeowners and renters from the May 30 storm. Homeowners can get loans up to $200,000 to repair or replace a primary residence and all disaster-affected residents can get up to $40,000 to repair or replace personal property, such as furniture, appliances and vehicles.
• Interest rates are as low as 1.688% compared to 3.375% or more for credit available elsewhere.
• Still paying off your mortgage? Through SBA, homeowners may refinance existing liens or mortgages on homes for real estate repair or replacement.
• Have a poor credit or don’t think you can afford loan payments? Must apply in order to receive other eligible funding. MN Housing offers a forgivable disaster loan program as a safety net for those who are deferred from SBA, but if you do not complete the SBA loan application, you cannot use the MN Disaster Recovery Loan (deferred, forgivable, 0% interest).
• Trouble with your home insurance? SBA Disaster Loans may be used for insurance deductibles and repair costs not covered by insurance (such as required building code upgrades).
• Should you wait for your insurance settlement before filing your SBA loan application? No. Do not miss the filing deadline by waiting for an insurance settlement. SBA can approve a loan for the total eligible losses and later adjust the loan eligibility or balance if insurance funds are received.
• Worried about getting required documentation together before applying? Just submit your application as is before the filing deadline and you will have time later to finish the application with the help of an SBA loan counselor.
• Not sure if using SBA is right for you and want to keep your options open? Applying to SBA gives you the most options. SBA loans can help fill gaps in other forms of assistance and open doors to additional grants and forgivable loans. You are not required to accept an SBA loan if one is offered…you’ll have 60 days to accept, modify or decline.
• Still have questions or concerns about SBA loans? Contact SBA’s Disaster Assistance Customer Service Center to speak with a helpful loan counselor.
Phone: 800-659-2955, Monday-Friday 7 a.m.-7 p.m. or email: disastercustomerservice@sba.gov. To get more information or to apply go to: https://disasterloanassistance.sba.gov/ela/s/.
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