An Overview of Applying for a Disaster Loan as a Small Business Owner
Disasters are something that no one ever wants to experience, especially if they own their own business. The damage done from disasters can completely change your business’ plans for the future, and often, business owners are never able to recover.
While there is no way to predict when or how a disaster will occur, the best thing you can do is ensure you have a plan in place.
You will often be able to rely on your insurance for at least some coverage related to the disaster, but these funds are often not enough or available fast enough to be as helpful as they could be. Fortunately, the Small Business Administration (SBA) has developed a robust loan program to help small businesses in the aftermath so they can receive the funds they need.
Utilizing the Disaster Loan Program After a Disaster Impacts Your Business
What can I use the loans for? While many damages that a disaster causes can be claimed on your insurance, this can be a long process and often does not cover every expense your business may face. The SBA loans can be utilized for costs to repair damage as well as to cover a loss in revenue so you can have the funds you need to cover bills, payroll and other expenses that do not halt just because a disaster occurs.
When can I apply for a disaster loan? In order for the disaster loan funds to be made available, a disaster must be declared by the SBA in your area. From there, you can apply for a loan and work with the SBA to see what you are eligible for and when you will receive it.
How can I go about getting repairs done to my business? Starting on the process of having restoration done to your commercial property can be daunting, but it is important to begin as quickly as possible to prevent any secondary damages. Having a commercial restoration company you can trust is important, as is calling them as quickly as possible after you discover damage to your business.
If you need commercial restoration, we are here to help. You can get in touch with us at any time to report your damages and get a quick response. Contact us to learn more.