If you have sustained business damage due to circumstances beyond your control such as severe weather, theft, or fire, you may be eligible to receive a disaster assistance loan through the Small Business Administration (SBA). For many business owners, an SBA disaster loan is their primary source of funds after receiving settlement checks from insurance providers. Additionally, many also receive referrals to the SBA disaster loan program from the Federal Emergency Management Agency (FEMA).
Complete the Loan Application as Soon as Possible
As a business owner, you’re under no obligation to accept a loan just because the SBA offers you one. Even so, it’s important to apply for funding as soon as you can to allow you the most possible time to evaluate your options. Keep in mind that neither the SBA nor FEMA can duplicate settlements you have already received from insurance companies. You will need to complete an SBA disaster loan application if you need assistance with any of these costs:
- Repair or replacement of your business vehicles
- Fees for moving or storage
- Replacement of personal property
Depending on your situation and degree of financial loss, you may also be eligible to apply for a grant from FEMA. The money from this grant could cover such things as childcare costs while you repair your business, funeral expenses for any loss of life due to the disaster, or dental and medical expenses you incurred during the disaster.
How to Apply for an SBA Disaster Loan
The SBA has made it as easy as possible for business owners needing emergency funding to obtain it by submitting their application online. You just need to navigate to disasterloan.sba.gov.ela and follow the prompts. You also have the option of visiting one of FEMA’s disaster recovery centers to obtain more information or to apply for an SBA disaster loan. Each center is available to people with disabilities. To find a center, go to fema.gov/DRC.
Blackwater Capital Funding is happy to answer additional questions about this financing option or provide you with details about some of our own programs. Please contact us today for more information.