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Sba loan apply online Form: What You Should Know
These applications require a single statement with specific dates, locations, and dates of destruction. Each application must be reviewed by SBA to determine eligibility. An assessment of your property's condition, damage, the extent of loss, and the financial resources necessary for rebuilding may be required by the SBA. SBA may require an appraisal of the value or estimated market value of your real estate or business property, or other evidence of its current value. Disaster Loan Program Requirements All applicants must have either owned or used the disaster-damaged property at the time of the disaster and, if applicable, should have an agreement with the Federal Emergency Management Agency (FEMA) to share expenses. FEMA may require that the property be repaired by the SBA on the same date as the application, which will likely delay the decision. An application cannot be processed until FEMA approves the application. The SBA will make a decision within 30 calendar days after receiving your application. The SBA must provide a certified copy of the contract or other documentation to verify compliance with these requirements. Application Requirements Applications may be submitted to the SBA at the following locations and deadlines on the SBA website: Application locations and deadlines: SBA headquarters (Washington, DC) Disaster loans are available to individuals, private non-profits, and homeowners and renters. For individuals, disaster loans include the following types of loans: Repairs of equipment and structures on properties. Losses on private real estate and/or businesses owned or leased by SBA clients. Loss of life, personal injury or property damage for which the SBA is responsible if it was not an SBA owner's property. Loss of personal residences not owned or leased by SBA clients (e.g., rental homes, condominiums, or vacation homes). Lenders can make personal property damage claims as well as property damage claims under applicable state and local statutes, except where a borrower lives in a non SBA loaned's property. SBA business (non-individual) housing loans are available for individuals, private non-profits, and homeowners and renters. For business owners, disaster loans include the following types of loans: Losses for insured businesses that were either directly damaged by a disaster and/or insured by the Federal Housing Administration.
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