The criteria for loan approval will be based on your company’s loan history, ability to repay, and location. May apply for up to 2M. The interest rates are 3.75 percent for small businesses and 2.75 percent for nonprofits, with terms up to 30 years. Eligibility is based on Size.
Working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace sales, profits, or expansions.<p/>
Collateral: Loans over $25,000 require collateral, and the SBA will take real estate as collateral. The SBA requires borrowers to pledge what is available.
There is no cost to apply and no obligation to take the loan if offered. If your company already has an existing SBA Disaster Loan, you may still qualify, but the loans cannot be consolidated.
Basic requirements include a completed loan application, tax authorization, most recent Federal Income Tax Return, schedule of liabilities, and personal financial statement (other information may be requested).
The SBA has relaxed the criteria of these loans