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This document provides information on disaster loans available for individuals and businesses affected by severe storms and flooding in Illinois, detailing loan types, requirements, interest rates,
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How to fill out fact sheet - disaster
How to fill out FACT SHEET - DISASTER LOANS
01
Begin by gathering all necessary documentation, including business financial statements and tax returns.
02
Clearly fill out the applicant information section, ensuring details like name, address, and contact information are accurate.
03
Specify the type of disaster that prompted the loan application in the designated section.
04
Provide a detailed description of the physical damage sustained by your business, including repair estimates.
05
Complete the financial information section, detailing your business's revenue, expenses, and prior debts.
06
Include projections or estimates on how the loan will help your business recover from the disaster.
07
Review the entire FACT SHEET for completeness and accuracy.
08
Submit the completed FACT SHEET along with any additional required documents.
Who needs FACT SHEET - DISASTER LOANS?
01
Businesses affected by natural disasters seeking financial assistance.
02
Non-profit organizations that have incurred damages due to disasters.
03
Individuals or homeowners whose properties have been affected by a declared disaster.
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People Also Ask about
Can an SBA disaster loan be used for anything?
Renters and homeowners may borrow up to $100,000 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.
What can an SBA loan not be used for?
SBA loan funds must be used for legitimate business purposes. You cannot purchase personal assets or pay off personal debts with the loan proceeds. The SBA guidelines specifically state: “An SBA-guaranteed loan cannot be made solely to an individual.”
Can I spend my SBA loan on anything?
Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan.
Is it hard to get approved for an SBA disaster loan?
You have a low credit score However, the required value typically depends on which lender you choose and may not need to be as high when applying for a Disaster Loan. Unfortunately even under these circumstances, if you don't have great credit, you will most likely not receive an SBA loan.
Can I use an SBA loan for personal use?
No, a business loan should only be used for business expenses, not for personal expenses.
What is the interest rate on FEMA loans?
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.
What can I spend my SBA disaster loan on?
Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. SBA disaster loans also may be used to pay insurance deductibles, if needed.
Will disaster loans be forgiven?
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
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What is FACT SHEET - DISASTER LOANS?
FACT SHEET - DISASTER LOANS is a document that provides essential information regarding loans available to individuals, businesses, and local governments affected by disasters, aimed at facilitating recovery efforts.
Who is required to file FACT SHEET - DISASTER LOANS?
Individuals and businesses that have been affected by a declared disaster and are seeking financial assistance through disaster loans are required to file the FACT SHEET - DISASTER LOANS.
How to fill out FACT SHEET - DISASTER LOANS?
To fill out FACT SHEET - DISASTER LOANS, applicants need to provide necessary personal and business information, details about the disaster impact, and financial information in accordance with the instructions provided on the form.
What is the purpose of FACT SHEET - DISASTER LOANS?
The purpose of FACT SHEET - DISASTER LOANS is to inform and guide applicants about the types of disaster loans available, eligibility requirements, and the application process to support recovery from disaster-related damages.
What information must be reported on FACT SHEET - DISASTER LOANS?
FACT SHEET - DISASTER LOANS requires the reporting of personal identification information, details about the disaster event, financial losses incurred, and any other relevant information requested on the form.
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