September 2004

SBA ready to help hurricane victims

The Small Business Administration is ready to assist victims of Hurricane Ivan. The SBA offers loans up to $200,000 to repair disaster-damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property, such as furniture and clothing.

Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory. Economic Injury Disaster Loans (EIDLs) of up to $1.5 million are also available to small businesses unable to pay bills or meet operating expenses.

Interest rates may be as low as 3.187 percent for homeowners and renters and 2.9 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.

To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362).

For more information visit SBA’s website at www.sba.gov

Source: Small Business Administration, www.sba.gov

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