Disaster Assistance Available for Small Businesses Following Winter Storm
U.S. Small Business Administration • March 3, 2021
If you live in a declared disaster area and have experienced damage to your home or personal property, you may be eligible for financial assistance from SBA.
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Eligibility
- Homeowners may apply for up to $200,000 to replace or repair their primary residence.
- Renters and homeowners may borrow up to $40,000 to replace or repair personal property — such as clothing, furniture, cars and appliances — damaged or destroyed in a disaster.
- Secondary homes or vacation properties are not eligible for these loans. However, qualified rental properties may be eligible for assistance under the SBA business physical disaster loan program.
- These loans cover disaster losses not fully covered by insurance or other sources. Proceeds from insurance coverage on home or property may be deducted from the eligible loan amount.
Use of proceeds
- You may not use the funds to upgrade homes or make additions, unless required by the local building code.
- You may be eligible for up to a 20 percent loan amount increase above the real estate damage, as verified by SBA, for improvements that will help prevent risk of future property damage caused by a similar disaster.
- SBA can refinance all or part of a previous mortgage in some cases, when the applicant does not have credit available elsewhere and has suffered substantial disaster damage that is not covered by insurance.
Terms
For applicants unable to obtain credit elsewhere:
- The interest rate will not exceed 4%.
- The SBA will determine whether an applicant can obtain credit elsewhere.
Maturity
- Up to 30 years
- No pre-payment penalty or fees
Collateral requirements
- Collateral is required to the extent possible for home loans over $25,000 in Presidential and Agency declarations.
- Real estate is the preferred form of collateral, even if the equity is insufficient to secure the full loan amount.
- SBA will ask the applicant for available collateral, but will not decline a loan for lack of collateral.
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$16.5 Million in Grants Available
The U.S. Department of Agriculture has announced that it is making $27.7 million in grants available through the Rural Business Development Grant Program (RBDG). This program provides funding for business and community initiatives that promote economic growth and job creation. Eligible applicants can include rural cooperatives, state government agencies, towns, and communities, nonprofit corporations and institutions of higher learning, and federally recognized Tribes. Individuals and for-profit businesses or organizations are not eligible to apply. Applications will compete in two separate categories: Business opportunity grants: May be used for business support centers, technology-based economic development, leadership and entrepreneur training, feasibility studies, business plans, long-term strategic planning, and other eligible activities. Business enterprise grants: May be used for training and technical assistance, project planning, business counseling, market research, feasibility studies, and product or service improvements, buying or developing land, easements, or rights of way, including access streets and parking areas, constructing or renovating buildings, and buying machinery and equipment, capitalizing revolving loan funds, and supporting rural business incubators and community economic development and other eligible activities. Electronic applications must be submitted by 4:30 p.m. local time through Grants.gov on the due date. The Rural Business Development Grant Program has two different closing dates: June 15, 2026, only applies to Strategic Economic and Community Development (SECD) applications. June 30, 2026, applies to the remainder of the applicants. For more information on how to apply please visit on gov or contact your local USDA Rural Development office .
