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<br />How To Apply for an SBA Loan <br /> <br />The following provisions apply to <br />loans requested and made in com- <br />munities declared to be a disaster <br />area by the Small Business Ad- <br />ministration or declared a "major <br />disaster" by the President: <br />HOME LOANS <br />PURPOSE OF LOAN - Disaster <br />loans may be made for the repair, <br />rehabilitation or replacement of <br />property damaged or destroyed, that <br />is not covered by insurance or <br />otherwise compensated for, without <br />regard to whether the required finan- <br />cial assistance is available from <br /> <br />private sources. This covers both per- <br />sonal and real property. <br />FINANCIAL ASSISTANCE <br />AVAILABLE - The maximum that <br />SBA can lend to repair physical <br />damage to a home and its contents is <br />the amount of damage incurred, less <br />any insurance or other recovery. In no <br />case may loans to repair physical <br />damage to homes exceed $50,000. In <br />addition, SBA may lend up to a max- <br />imum of $10,000 to repair or replace <br />household goods and personal proper- <br />ty. However, the maximum that SBA <br />can lend one borrower for both pur- <br /> <br />poses may not exceed $55,000 plus <br />eligible refinancing. <br />SBA disaster loans may be used to <br />upgrade a home only when required <br />by applicable codes or ordinances, or <br />to meet reasonable standards of <br />decency, safety and sanitation. This <br />means that in most cases, funds will <br />not be provided by SBA which will in- <br />crease the size or capacity of any <br />structure. <br />All items of personal property are <br />eligible except those of a luxury <br />nature such as objects of art, anti- <br />ques, rare stamp or coin collections, <br /> <br /> <br />47 <br />