Chap.7: A Great! Inspection - Chap.8: SBA Disaster Loans - Appendix.A: Special Problems The New Disaster Relief HandbookDisaster: Aid: America: Moneybook:) sm) tmChapter 8: SBA Disaster LoansSection 8.1: Dissa and Data - 8.1.1: Basic Information - 8.1.2: Types Of SBA Loans - 8.1.3: Disaster Loans For Farmers And Ranchers - 8.1.4: About Business Disaster Loans - 8.1.5: Loans In "Undeclared" Disasters - 8.1.6: Insurance Factors - 8.1.7: More About Hazard Mitigation Loans - 8.1.8: How Interest Rates Are Determined - Section 8.2: Forms and Documents - 8.2.1: Getting Started - 8.2.2: The SBA Loan Application Package - 8.2.3: Completing The Loan Application - 8.2.4: Preparing For Your SBA Inspection - 8.2.5: Contractor's Estimates Of Structural Damage - 8.2.6: How Long Does It Take For Loan Approval? - 8.1.7: When Is The Money Made Available? - 8.1.8: Help With Your PaperworkSection 8.1: Dissa And Data8.1.1: Basic InformationThe following information was culled from various SBA publications:In the wake of hurricanes, floods, earthquakes, wildfires, tornados, and other physical disasters, the U.S. Small Business Administration plays a major role. SBA disaster loans are the primary form of Federal assistance for nonfarm, private sector disaster losses. Do not let the "Small Business" in "Small Business Administration" confuse you. If you are the victim of a physical disaster you do not have to own a business or be self-employed to receive help from the SBA. As a person who owns a home or other property, including personal property, you may apply to SBA for a loan to help you recover from a disaster. For this reason, the disaster loan program is the only form of SBA assistance not limited to small businesses. Disaster loans from SBA can help homeowners, renters, BUSINESS OF ANY SIZE, and even non-profit organizations. SBA disaster loans are a critical source of economic stimulation in disaster ravaged communities, helping to spur employment and stabilize tax bases. By providing disaster assistance in the form of loans which are repaid to the Treasury, the SBA disaster loan program helps reduce federal disaster costs compared to other forms of assistance, such as grants. When disaster victims need to borrow to repair uninsured damages, the low interest rates and long terms available from SBA make recovery affordable. Because SBA tailors the repayment of each disaster loan to each borrower's financial capability, unnecessary interest subsidies paid by the taxpayers are avoided. Moreover, providing disaster assistance in the form of loans rather than grants avoids creating an incentive for property owners to underinsure against risk. Disaster loans require borrowers to maintain appropriate hazard and flood insurance coverage, thereby reducing the need for future disaster assistance. The SBA is authorized by the Small Business Act of 1953 to make two types of disaster loans:
The penalty for misusing disaster funds is immediate repayment of one and one half the orginal amount of the loan. The SBA requires that you obtain receipts and maintain good records of all loan expenditures as you restore your damaged property and keep these receipts and records for three years. [HOME]
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8.1.2: Types Of SBA Loans - - not available online 8.1.3: Disaster Loans For Farmers And Ranchers - - not available online 8.1.4: About Business Disaster Loans - - not available online 8.1.5: Loans In "Undeclared" Disasters - - not available online 8.1.6: Insurance Factors - - not available online yet 8.1.7: More About Hazard Mitigation Loans - - not available online 8.1.8: How Interest Rates Are Determined - - not available online [HOME]
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Section 8.2: Forms and Documents8.2.1: Getting Started- - not available online 8.2.2: The SBA Loan Application Package - - not available online 8.2.3: Completing The Loan Application - - not available online 8.2.4: Preparing For Your SBA Inspection - - not available online 8.2.5: Contractor's Estimates Of Structural Damage - - not available online 8.2.6: How Long Does It Take For Loan Approval? - - not available online 8.2.7: When Is The Money Made Available? - - not available online [HOME]
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8.2.8: Help With Your PaperworkIf you need help with the preparation of your application, construction estimates, or professional assistance with your loan closing documents you may attend one of the SBA's free workshops (call them for details) or you may hire your own attorney, accountant, engineer, or other representative to assist you. The (reasonable) cost of hiring someone to help you can be included in your loan amount.
This book can be an aid in your investigating and successfully acquiring federal disaster assistance, including a possible SBA disaster loan. The cost of this book may be included in your loan amount (ask your loan officer) (and would you please tell us what he says) (yeah, and how he says it! Thanks!).
* * * * * * * * Copyright ©1998-2009 John Porter aka John Lionheart
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