Definition
Small Business Administration low-interest loans for disaster victims to repair or replace homes and personal property.
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SBA disaster loans provide low-interest financing (2%+) for home and property repair following disasters. Available to homeowners and renters. Loan amounts up to $200,000 for real property. Low interest rates and flexible terms. Collateral requirements vary. No credit score minimum. Must apply through SBA. Complements grant programs like FEMA. Long repayment periods to 30 years. Provides capital for disaster recovery when insurance is insufficient.
Pro Tip
SBA disaster loans complement insurance; apply quickly after disasters for assistance.
Example
An SBA disaster loan provided $100,000 at 2% interest for home repairs after a flood.