Tropical Storm Lee and the resulting severe weather have made it necessary for people to apply for low -interest disaster loans. Though the storm has left a trail of destruction, the SBA declared disaster loans for victims came as a relief. SBA Administrator Karen G. Mills made the loans available after Virginia Gov. Robert F. McDonnell wrote her a letter on Nov. 9th.
SBA is very serious about providing Virginia’s people with a customer-focused response in order to assist renters, businesses and homeowners. Getting businesses and communities on their feet after a disaster like ‘Lee’ is the highest priority of SBA.
Loans up-to $200,000 are available to homeowners for curing destroyed real state. Loans up-to $40,000 are available to renters and homeowners for replacement and repairing of damaged personal property. Disaster Loan Outreach Centers are opened at opened in many places and SBA representatives shall be present at these centers to answer people’s queries.
Non-profit organizations and businesses can borrow up-to $2 million for repairing damaged real estate, equipment, inventory, business assets and machinery. SBA can increase loan up-to 20% for real estate disaster damage and leasehold improvements. Economic Injury Disaster Loans (EIDLs) are available for small businesses and private nonprofit organizations. The interest rate is as low as 2.5 percent for homeowners, 3 percent for non-profit organizations and 4 percent for businesses with terms up-to 30 years.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com