disaster loans to businesses of all sizes and non-profit
organizations are available up to $1.5 million to repair
damage to real estate, machinery, equipment and inventory
In an effort to provide faster assistance to business owners
in the areas affected by Hurricanes Katrina and Rita, the
Small Business Administration today said it would use an
expedited process for disaster loans under $100,000 for
businesses that can meet specified criteria.
While the streamlining of the application process will
enhance the SBA's ability to get money in the hands of disaster
survivors more quickly, Administrator Hector V. Barreto also
encouraged business owners to submit their applications as soon
"Within the last few days the agency has introduced
initiatives aimed at speeding up the disaster loan application
process. Meanwhile, the sooner the SBA receives the disaster
loan application, the sooner the loan funds can be disbursed,"
The business owners must have satisfactory credit, a gross
income greater than $25,000, and a satisfactory SBA loan
history. Additional requirements include a controlling ownership
by an individual or group of individuals and a verifiable
federal tax return with 12 months of operations.
Homeowners, renters and businesses in the areas affected by
Hurricanes Katrina and Rita are encouraged to apply for federal
assistance by registering online with
or by calling 1-800-621-FEMA (3362). The toll-free number will
operate 24 hours daily until further notice.
SBA disaster loans to businesses of all sizes and non-profit
organizations are available up to $1.5 million to repair damage
to real estate, machinery, equipment and inventory. Economic
Injury Disaster Loans (EIDLs) of up to $1.5 million are also
available to small businesses unable to pay bills or meet
The SBA offers loans of up to $200,000 to repair disaster
damaged primary residences. Homeowners and renters are eligible
for loans up to $40,000 to replace personal property such as
furniture and clothing. Interest rates can be as low as 2.68
percent for homeowners and renters and 4 percent for businesses
with terms up to 30 years. Loan amounts and terms are set by SBA
and are based upon each applicant's financial condition.
For more information on SBA's disaster loan program, call the
SBA's customer service center at 1-800-659-2955 daily from 6
a.m. to 1 a.m., email questions to email@example.com,
or visit the Web site at
RTO Online is the official channel for Rent-to-Own Industry News and the
only independent source of news for the rent-to-own, rental-purchase,
lease-purchase trade. RTO Online (Rent to Own Online) represents the choice
of the entire RTO Industry for trusted information, as it happens.
Tell us what you think
Rate the article at the top of this page