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<br />Small Business Administration Disaster Recovery <br />Loan Program (2 pages) <br /> <br />Agency: Small Business Administration (SBA) <br /> <br />. <br /> <br />Purpose: This program offers low interest loans to <br />individuals and businesses for refinancing, repair, <br />rehabilitation, or replacement of damaged property. <br />The primary difference between this program and <br />FEMA post-disaster programs, is that the Small <br />Business Administration program offers loans, <br />rather than grants. The threshold for a state to <br />obtain a Small Business Administration declaration <br />is significantly lower than that required to activate <br />FEMA programs. The SBA has a requirement of <br />25 homes or business with 40% or more in <br />uninsured losses, or five businesses"\vith substantial <br />economic losses to qualify for assistance without a <br />Presidential declaration. The cost of mitigation to <br />meet current code is included in the base loan. An <br />additional 20% can be added to the loan to meet <br />mitigation not required by current code. <br /> <br />. <br /> <br />Form of assistance: Low interest loans to qualified <br />applicants. <br /> <br />Application: Direct to state in non-Presidential <br />declared disasters, Direct to the SBA in a <br />Presidential declared disaster. <br /> <br />. <br /> <br />Match requirements: None <br />