In recent years, the Small Business Administration has made it easier for small businesses to make loans by creating new loan programs. In this article, we will take a closer look at one program in particular: the SBA smart disaster loan application.
What is a smart disaster loan?
A smart disaster loan is a term given to a loan application that is submitted and approved within days of an event. These loans are typically given by SBA, the Small Business Administration, or other types of organizations. The key to these loans is being able to submit and receive a response within a short time frame.
A smart disaster loan is a form of small business loan that can be structured to meet the needs of your business.
Eligible borrowers must meet the following requirements for qualifying for a SBA Smart Disaster Loan:
1. The borrower is located in the disaster-declared area and has been actively engaged in preparing for its recovery from the disaster.
2. The business must be in good standing as defined by state law or other applicable laws or regulations.
3. The business owner must have an active SBA loan, guarantee, loan guarantee program, or surety bond with the guarantee agency that is not in default or delinquent status at the time of the application.
4. The business owner must have an existing loan to which they were either partially or fully paid off before the disaster; however, it’s not necessary if they are on their own personal
El uso de este programa está sujeto a condiciones y requisitos. Si usted no cumple con los requisitos, podría descontar el valor del préstamo.
How to apply for a smart disaster loan from the Small Business Administration
The Small Business Administration is offering a smart disaster loan program, which will provide funding for home and business owners whose property is damaged or destroyed by a natural disaster. The SBA defines “consumption” as spending on basic needs for shelter, food and clothing. The application process includes filling out forms and answering various questions about the type of damage incurred from the disaster.
The Small Business Administration (SBA) provides emergency financing to help small businesses weather a variety of natural or man-made disasters. The SBA offers federal disaster loans to help your business recover from an unplanned event such as a flood, fire, tornado, or hurricane. The first step in applying for an SBA loan is to apply online at sba.gov/disasterloans.
Loan Terms and Conditions
Interest will be charged on the loan at a rate of 1.5% per month.
The lending company reserves the right to change the interest rates for any day and time, at its sole discretion, without prior notice or justification.
All loans are subject to credit qualification guidelines and availability from lender.
Loan terms and conditions may change without prior notice
The purpose of this loan is to provide businesses in a covered area with the ability to utilize existing resources or to purchase new resources and/or inventory.