The U.S. Small Business Administration (SBA) is primary federal source of money for the long-term repair and rebuilding of disaster-damaged private property. SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. These disaster loans cover losses not fully covered by insurance or other sources and do not duplicate benefits from other agencies.
If your business or private, non-profit has suffered physical damage as a result of a disaster, you may be eligible for a SBA (U.S. Small Business Administration) loan of up to $2 million to repair or replace property for your business.
This deadline has been extended at the Governor’s request and approval by FEMA.
You must own a business, farm or private nonprofit organization located in a Presidential-declared disaster area with individual assistance and must have suffered physical damage as a result of the disaster.
Check if your county or reservation has a disaster declaration.
What can the loan money be used to replace?Loan proceeds can be used for the repair or replacement of the following:
- Real Property
- Machinery
- Equipment
- Fixture
- Inventory
- Leasehold improvements
In addition, disaster loans to repair or replace real property or leasehold improvements may be increased by as much as 20 percent of the verified loss to protect the damaged property against possible future disasters of the same type.
Review the SBA North Dakota Declaration Fact Sheet or the SBA Fact Sheet for Businesses for more information.
How do I apply?You must be registered with FEMA to apply for an SBA loan.
Online: Fill out an online application at SBA.gov.
In-Person: Visit a Disaster Recovery Center help. Find a Disaster Recovery Center near you.
To find and SBA Business Recovery Center visit the SBA North Dakota Declarations page and click on the Locations to Receive Assistance link.
Phone: SBA Disaster Assistance Customer Service Center – 1-800-659-2955
Email: DisasterCustomerService@sba.gov
What information should I have with me when applying?- Contact information for all applicants (current and alternate telephone numbers).
- Identity information for all applicant(s) and all owners(s) (Social Security number/Employer Identification Number/FEMA registration number).
- Insurance information.
- The name and EIN number for all businesses with common ownership or managment.
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. How soon before I know I have been approved?
SBA loan applications are processed in the order they are received. If you submit a complete application, you should learn if you are eligible within seven to 21 days.
