In March, SBA approved $13,089,800 in long-term, low-interest disaster loans for Super Storm Sandy relief. These loans are available to homeowners, renters, and businesses that are still struggling, either economically or with repairs, to complete their recovery. In addition, these loans can be used those people in your community that own rental properties along the shore that may still need assistance for the repair or possible elevation costs.
Businesses and private non-profit organizations of any size, may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, including rental properties, machinery and equipment, inventory, and other business assets. In addition the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Homeowners may borrow up to $200,000 for the repair or replacement of disaster damaged or destroyed real estate which may include elevation costs. Homeowners and renters are also eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.
The Interest rates are as low as 3.0% for non-profit organizations and 4 percent for businesses and as 1.688% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Loan applicants should check with agencies/organizations administering any grant or other assistance program under this declaration to determine how an approval of an SBA Disaster loan might affect their eligibility.
The filing deadline to return applications for physical property damage and for economic injury is Dec. 1, 2016.