SBA's disaster assistance lending surpasses $50 billionThe Small Business Administration's (SBA's) emergency lending to survivors of natural and man-made disasters since 1953 has surpassed $50 billion, and the agency has made more than 1.9 million low-interest disaster loans during that period.
The $50 billion represents loans made to help residents and business owners recover from many of the most devastating disasters in U.S. history. Since fiscal year 1989, SBA has made more than $36 billion in disaster loans, with significant portions of that total going to those rebuilding after the Northridge Earthquake in 1994 ($4 billion); Upper Midwest Floods in 1997 ($738 million); Hurricane Ivan in 2004 ($2.2 billion); and the Gulf Coast hurricanes in 2005 ($10.9 billion).
Disaster loans are the only form of SBA assistance not limited to small businesses. The SBA makes low-interest loans to homeowners, renters and nonfarm businesses of all sizes.
Homeowners may borrow up to $200,000 to repair or replace damaged real estate. Individuals may borrow up to $40,000 to cover losses to personal property.
Nonfarm businesses and nonprofit organizations of any size may apply for up to $2 million to repair or replace business assets and real property damaged by a disaster. Small businesses and nonprofits that suffered economic losses as a direct result of a disaster may apply for a working capital loan up to $2 million, even if the property was not damaged physically.
For more information about the disaster assistance program, visit www.sba.gov/disasterassistance.
Date : 12/8/2011