SBA Disaster Loan
The U.S. Small Business Administration is encouraging New Jersey businesses and residents
affected by the remnants of Hurricane Ida on Sept. 1-3, 2021, to submit their loan applications for physical
damages even if they have not settled with their insurance company.
SBA disaster loans can cover the difference between an insurance settlement and what is needed to fully
recover. If a survivor has not settled their insurance claim, SBA will consider making a loan for the total loss up
to its loan limits. The insurance settlement will be used to reduce or repay the loan.
“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and
survivors may miss the Nov. 4 application deadline for physical disaster loans.
Submitting the loan application
is an essential part of the disaster recovery process,” said Kem Fleming, director of SBA Field Operations Center
Businesses of all sizes, non-profit organizations, homeowners and renters are eligible to apply for physical
disaster loans to repair or replace disaster-damaged property, including contents and automobiles. For small
businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help
meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available
regardless of whether the business suffered any physical property damage.
Interest rates are as low 2.855 percent for businesses, 2 percent for nonprofit organizations and 1.563 percent
for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are
based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at: https://DisasterLoanAssistance.sba.gov/ela/s/
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer
Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing
DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement
Center, 14925 Kingsport Road, Fort Worth, TX 76155.