The U.S. Small Business Administration is offering Disaster Assistance Loans of up to $2 million for businesses that lost revenue, suffered damaged buildings, or where equipment was destroyed as a result of the recent windstorm.
According to a press release issued by the S.B.A.:
Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
Interest rates can be as low as 2.063 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Applicants may apply by clicking here.
