How to apply for an SBA Disaster Loan

The SBA offers a variety of loan programs, including 7(a), 504, micro, disaster, and more. This section will highlight how your small business can apply for disaster relief funding. Interest rates tend to be between 10-12% as of December 2022, depending on the loan amount, credit rating, and the nature of your business.

• Program: SBA Business Physical Disaster
• Loan Size: Up to $2 million
• Purpose: Repair physical damage due to a declared disaster and cover operating expenses

Standard SBA Loan Application Requirements

To submit your SBA loan application, you'll be asked to provide extensive documentation. Some of these requirements will vary based on your lender and loan program, but here are the most common documents and forms you'll need to provide:

• SBA Form 1919, Borrower Information Form.
• SBA Form 912, Statement of Personal History.
• Personal financial statement (you can use SBA Form 413).
• SBA Form 148, Unconditional Guarantee (or the lender's equivalent). The SBA requires that anyone with 20% or more ownership in the business provide an unlimited personal guarantee. Owners with less than 20% ownership may provide a full or limited guarantee (SBA Form 148L).
• Business financial statements, such as income statements, balance sheets, and cash flow projections.
• Income tax returns.
• Detailed schedule of collateral.
• Existing debt schedule, if applicable.
• Business certificates or licenses.
• Loan application history.
• Resumés for each business owner.
• Business overview and history.
• Business lease.

If you are using your SBA loan to buy an existing business or real estate, you'll have additional application requirements, such as purchase agreements and appraisals or business valuations.

SBA Disaster Loan Application Requirements

To qualify for an SBA disaster loan, your business must be located within a declared disaster zone. Check the SBA website to determine if you fall within a qualified area. You may apply for a loan to help replace the damaged property or restore its pre-disaster condition. This specific loan covers disaster losses not fully covered by insurance.

Need Help Applying for an SBA Loan?

At First Union, we want to make the process as easy as we possibly can. Because we have worked with many SBA loan applicants, our loan specialists understand precisely what needs to be done and how we can get you qualified. Fill out our online form or call us at 863-825-5626 today to explore your options.