SBA Disaster Loan Program
SBA Disaster Loan Program
It is intended for those who suffer an economic loss resulting from natural disasters. This program has several sub-programs within it. Below is a discussion on the SBA Disaster Loan Program.
Working Method
This SBA loan offers a unique way of operation as it provides direct SBA equipment-secured lending. This implies that instead of providing guarantees through an intermediary or a lender, the SBA provides funds directly to borrowers.
SBA Disaster Loan Program Beneficiaries
The SBA program provides reasonable pricing for homeowners and businesses who are in the process of recovery from any nationally declared disaster. The program also makes funds available to small businesses that have an employee who has to go for active duty in the military.
Terms Applicable For SBA Disaster Loan Program
Once you apply through the SBA Disaster Loan Program, the SBA will analyze if you have existing credit anywhere else. In case you have credit, the interest rate applicable will be 8%. If you do not have existing credit, the maximum interest rate you will have to pay on the SBA Disaster Loan is 4%. The repayment term for the program could stretch as long as 30 years.
