If your business was negatively affected by Hurricane Matthew, by either physical damage or economic loss, you could qualify for Disaster Loans from the U.S. Small Business Administration.
SBA Disaster Recover Loans
Businesses and nonprofits can apply for up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets. Loans for working capital, known as Economic Injury Disaster Loans are available even if your business did not suffer any physical damage.
Interest rates are as low as 4% for businesses and 2.625% for private nonprofits with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Application filing deadlines
For Physical Damage from Hurricane Matthew, you can apply until December 16, 2016.
For Economic Injury, you can apply until July 17, 2017.
How to apply
- You can get started online at SBA’s website, https://disasterloan.sba.gov/ela/
- Call 800.659.2955
- Or visit them in person at the Disaster Recovery Center: