SBA Disaster Loan | Requirements, Terms, Assistance, App

SBA Disaster Loan Terms

The information below will give you a quick looks at the terms and rates for the Business Physical Disaster Loan and the Economic Injury Disaster Loan as provided by MerchantMaverick.

Borrowing Amount: $2 million Maximum

Term Lengths:

• 30 years Maximum if credit isn’t available elsewhere
• 7 years Maximum if credit is available elsewhere

Interest Rates:

• 4% Maximum if credit is not available elsewhere
• 8% Maximum if credit is available elsewhere

Fees:

No fees from the SBA; possible fees from lawyers or outside agencies

The SBA disaster loan provides working capital to applicants that are eligible. For faster loan processing the business applying must have operated for at least one year before the disaster. Eligibility for the loan must consider compensated from other sources to offset the economic injury. Other sources include but aren’t limited to: (1) grants or other reimbursements (including loans) from private organizations or government agencies, and (2) claims for civil liability against other government entities, organizations, or individuals.

Additional Information May Also Be Required

• Complete copy, including all schedules, of the most recent Federal income tax return for each principal owning
• 20 percent or more, each general partner or managing member, and each affiliate when any owner has more than 50 percent ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
• If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
• A current year-to-date profit-and-loss statement
• Additional Filing Requirements (SBA Form 1368) providing monthly sales figures for will generally be required when requesting an increase in the amount of economic injury.