With A Disaster Declaration Come the Availability of Federal Disaster Loans to Businesses

Any business that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help repair or replace damaged property to its pre-disaster condition.  Through its Office of Disaster Assistance (ODA), the Small Business Administration is responsible for providing affordable, timely and accessible financial assistance to homeowners, renters and businesses following a disaster.  SBA’s disaster loans are the primary form of federal assistance for the repair and rebuilding of non-farm, private sector disaster losses.  Financial assistance is available in the form of low-interest, long-term loans. It will be a few days before individuals representing federal agencies will be ready to interact with affected businesses and residents, but there are some things you can do now.  My earlier blog entry (Sunday, May 2nd) talked about the importance of salvage operations that will make it easier when it comes time to file the paperwork.  The link to the Office of Disaster Loans of the SBA talks about the importance of getting your financial paperwork together, a required exercise in the filing process.  If you may need financial resources to help you recover, be thinking now about the financial documentation you will need to provide.  Here is a link to an overview of the process: click here.