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How much can I borrow? The total loan amount is subject to the limits set out above. Must I use my own money or try to borrow from a bank before coming to the SBA? I already have a mortgage on my home.
Can the SBA refinance my mortgage?
In certain cases, yes. The necessary information is specified in the loan application. If you have pictures of the damaged property, you can include them as well. Will the SBA check the losses I claim? How soon will I know if I qualify for a loan?
That depends on how soon you file a complete SBA loan application. Applications filed early can be completed in a much shorter time. We process applications in the order received, so file early. How soon can I expect the money?
Usually, the security consists of a first or second mortgage on the damaged real estate. Should I hold up my application until I get the estimate?
If you have an estimate, include it. If I receive a disaster loan, may I spend the money any way I want? Your loan will be made for specific and designated purposes. SBA can not make loans involving some relocations. I am a farmer.
My home was damaged, and so were my barns, fences, and some of my crops. Am I eligible to apply for SBA assistance? But it may be in your interest to seek assistance first from the U.
Department of Agriculture for all your damage. Are secondary homes or vacation homes eligible for loans? No, not as homes. They may be eligible for business disaster loans under certain conditions.
Are there any other limitations? Is there a minimum monthly payment, and when would the first payment be due? The SBA does not have a minimum monthly payment. Generally, the first payment is not due until five months after the date of the loan.
I had to remove debris from my property after the disaster. Yes, but your own labor and that of family members cannot be included. Amounts paid to others and any equipment rental can be listed as part of repairs to real estate.
May people over the age of 65 apply for help from the SBA? Loans are made without regard to age. You may use the services of accountants or attorneys if you wish, but be sure they are reliable and that their fees are reasonable.
Are damages to cars and mobile homes eligible? The loan would be only for uninsured losses. Do I need flood insurance to get a loan?We have been helping clients navigate through complicated business debt negotiations for decades and have organized this page to provide many resources you would need if you are facing a default on your SBA loan.
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Despite what you might see on late-night infomercials or some websites, none of the SBA's loan programs involve free money, government grants or no-interest loans.
SBA loans are small-business loans guaranteed by the SBA and issued by participating lenders, mostly banks. The SBA can guarantee up to 85% of loans of $, or less and 75% of loans of more.
An SBA loan is intended to help a small business get up and running. This can be a risky endeavor, so the federal government provides them to help entrepreneurs who might not be able to get a loan under normal circumstances.