Article provided by: Quick Lending Solutions
The SBA can provide you with a low-interest loan to help your business or home recover from a declared disaster. If you are a business owner or homeowner who has been forced to shut down or vacate due to the coronavirus pandemic disaster, then you may qualify for assistance. Of course, COVID-19 isn’t the only disaster that qualifies business owners to receive emergency funding. Any type of declared disaster can be used for emergency SBA funding.
By utilizing the funding provided in the new COVID-19 relief package, SBA is offering loans through private lending institutions to help carry small businesses through this disaster.
Prepare for Emergencies
Did you know that roughly 1/4 American businesses will never reopen after a major disaster? By identifying both man-made and natural threats to your business, you can make a plan of action.
Who Can Use an SBA Disaster Loan?
If you own a home or business or rent, and you have been affected by a disaster, then you can qualify for an SBA disaster loan. Contact Quick Lending Solutions to determine if you qualify for relief.
If your business has suffered physical damage, say, from a violent storm, then you can use your SBA loan to cover the cost of repair and replacement of your physical assets.
Most small businesses will qualify under the economic injury provision, meaning that your business has suffered financial losses and setbacks as a direct result of the declared disaster.
DISASTER LOAN USE
If your funding from FEMA and insurance don’t fully cover the disaster assistance you need, you can use disaster loans for a number of purposes.
- Real Estate
- Personal Property
- Machinery and Equipment
GET DISASTER ASSISTANCE
The process of applying for disaster assistance is straightforward. If you are to qualify, then your home or business must be in the affected area where the disaster has been declared.
1. Check Disaster Declarations
Check of the SBA has declared a disaster in your area.
2. Apply for Disaster Loan
If a disaster has been declared, then both homes and businesses are eligible for loans.
3. Check Your Status
You will be able to log in to your account any time to check your status.
What is the Most Common Misconception About SBA Disaster Loans?
Unfortunately, most people believe that SBA disaster loans only apply to small businesses. And while it is true that small businesses in American account for the lion share of SBA disaster loans, homeowners, renters, and private nonprofit organizations are also eligible to receive SBA disaster loans.
Contact Quick Lending Solutions
To find out if you qualify for emergency SBA funding, contact Quick Lending Solutions today, or you can apply online by clicking here. You can call us any time 888-930-8815 to receive your economic injury disaster loan emergency advance. The Small Business Administration provides disaster assistance for people who need it, so get the help you need today.