Disaster Emergency Essential: Homeowners and Renters of Victim of a Disaster

Biz Disaster Plan

Disaster Emergency Essential:  Homeowners and Renters for Victim of a Disaster

In the event that you are in an announced disaster area and are the casualty of a calamity, you may be qualified for a low-interest rate disaster loan from the U.S. Small Business Administration (“SBA”) – regardless of the fact that you don’t claim a business. As a mortgage holder, tenant and/or individual property owner, you may apply to the SBA for a credit to help you recuperate from a calamity.

Tenants and mortgage holders alike may get up to $40,000 to repair or supplant apparel, furniture, autos or apparatuses harmed or decimated in the calamity. Mortgage holders may request up to $200,000 to repair or supplant their essential home to its pre-disaster condition.


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The loan may not be utilized to overhaul homes or make increments unless as needed by neighborhood building authority/code. Loans may be expanded up to 20 percent of the aggregate sum of calamity harm to land, as checked by SBA, to make improvements that diminish the danger of property harm by future disasters of the same kind.

Secondary homes or vacation properties are not qualified for these loans. Then again, qualified rental investment properties may be qualified for help under our business loan program.

Any proceeds from insurance coverage on your property or home will be deducted from the total harm to the property to determine the advance sum you are qualified for. SBA is not allowed to duplicate any advantages or benefits.

For candidates not able to get credit somewhere else the interest rate will not surpass 4 percent. For the applicants who can acquire credit somewhere else, the interest rate will not surpass 8 percent. SBA figures out if a candidate has credit accessible somewhere else.

SBA offers loans with long-term repayments as a rule up to 30 years. Terms are determined on a case-by-case premise, based upon every borrower’s capacity to reimburse.

For extra information, brochure, emergency essential, emergency preparedness, emergency plan for business, parent, kids, commuters, elders, disability please contact us.

Additional resources:

  • Emergency Response Plan
  • Business Impact Analysis Worksheet
  • Continuity Resource Worksheet
  • Insurance Discussion Coverage Form
  • Program Coordinator Committee Worksheet
  • Risk Assessment Table

Please contact us

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Frequently Asked Questions

How much can I borrow?

The amount SBA will lend depends on the cost of repairing or replacing your home and/or personal property, minus any insurance settlements or grants. SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application.

Can the SBA refinance my mortgage?

In some cases, SBA can refinance all or part of a previous mortgage when the applicant does not have credit available elsewhere, has suffered substantial disaster damage not covered by insurance, and intends to repair the damage. SBA considers refinancing when processing each application.

How soon before I know I have been approved?

The SBA disaster assistance program helps with long-term, low-interest rebuilding and repair of damaged property, unlike immediate emergency relief provided by relief organizations. To make a loan, we must know the repair cost, be assured that you can repay the loan, and take reasonable safeguards to make sure the loan is repaid. The sooner you return the completed loan application, the sooner SBA can process the application. SBA tries to make a decision on each application within 14 days. Make sure the application is complete, since missing information is a major cause for delays.

What information must I submit for a home and/or personal property loan?

You must submit the completed loan application and a signed and dated IRS form 8821 giving permission for the IRS to provide SBA your tax return information.

Is collateral required for these loans?

Loans over $14,000 must be secured to the extent possible. The SBA will not decline a loan if you do not have enough collateral, but will ask for whatever collateral is available. That usually consists of a first or second mortgage on the damaged real estate.

Should I wait for my insurance settlement before I file my loan application?

No, do not miss the filing deadline by waiting for an insurance settlement. Final insurance information can be added after a settlement is made. SBA can approve a loan for the total replacement cost up to our lending limits. Once your insurance settles, if there is a duplication of benefits, we will apply those funds to the balance of your disaster loan.

I’m a farmer, and my barns, fence, and some of my crops were damaged, as well as my home. Can I apply to SBA for assistance?

You may apply for an SBA disaster loan to cover the damage to your home and its contents only. SBA cannot cover agriculture losses. Contact the U.S. Department of Agriculture for recovery assistance for your farm or contact us.

Essential Information

In Presidentially declared disasters, residents and business owners can begin the disaster application process by registering online with the Government Agency, or by calling us. For more information about SBA disaster assistance plus disaster preparedness for individuals and businesses please contact us.

For more information, please contact us to request a free sample emergency plans, business preparedness checklists, and templates providing detailed business continuity and preparedness information.


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