SBA has given approval for $1 million in Disaster Assistance Loans to residents and businesses of Indiana that faced disaster storms starting from Feb 29th to Mar 3rd 2012. People with insured losses should not keep waiting for insurance settlement but instead should start applying for SBA disaster loans. May 8th is the last date to apply for disaster loans.
The Federal Government’s disaster loan is valuable resource and can certainly help to recover from disaster. The disaster loan fund is good for covering cost associated with repairing and replacement of damaged property. Economic injury fund is also available as working capital so as to overcome losses due to disaster.
SBA Customer Service Representatives are placed at every outreach center so as to help businesses with the process. The representatives are there to answer the queries, provide assistance and help in completing applications. Several counties of Indiana such as Clark, Ripley, Jefferson, Scott, Washington and Warrick are where low-interest disaster loans are available. The interest rate is 1.875 percent for homeowners, 3 percent for non-profit organizations and 4 percent for business organizations. The loan term can vary up-to 30 years depending on an organization’s financial condition.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org