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.
The Economic Injury Disaster Loan Program can provide up to $2 million of financial assistance to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.
You must own a business, small agricultural cooperative or certain private nonprofit organization located in a Presidential-declared disaster area (or in a designated county adjacent to a Presidential-declared disaster area) and have suffered substantial economic injury due to the disaster.
Check if your county or reservation has a disaster declaration.
How may I use an Economic Injury Disaster Loan?The loan provides working capital for disaster-related needs until your business or private, non-profit organization recovers. You may request a loan for the amount of economic injury but not in excess of what your business or private, non-profit organization could have paid if the disaster had not occurred. Loans cannot refinance long term debts or provide working capital needed before the disaster and must not replace sales or lost profits.
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. Don’t 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?
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.
