Sub-Programs of the SBA Disaster Loan Program
The program has four sub-programs, each suited to people with different needs. Below is a discussion on the types of SBA Disaster loans.
Residential Real Estate Secured Funding and Personal Property SBA Disaster Loans
This type of SBA Disaster Loan provides assistance to repair your initial place of dwelling or your personal assets. Borrowers have access to up to $200,000 for the purpose of repairing their primary residence, and to a maximum of $40,000 to fix their personal property.
Business Physical SBA Disaster Loans
This SBA small business loan program offers a maximum of $2 million in funds for the repair of one or more of the business assets mentioned below.
- Leasehold improvements
- Real property
Economic Injury in SBA Disaster Loans
Even if your business did not suffer physically from a disaster, it might have slowed down entirely. This is the time when you can access Economic Injury SBA Disaster Loan, which offers the right remedy for you.
Military Reservists Economic Injury SBA Disaster Loans
In case one of your employees is out for active duty in the military, you will be eligible for this loan. A maximum of $2 million is accessible through this loan while your team member is out providing services towards the nation’s security.