Rice Business Report September 2019 September 2019 Rice Business Report | Page 22

Rice Business Report September 2019 DISASTER ASSISTANCE SBA’s Disaster Recovery Role After a natural disaster such as floods, earthquakes, hurricanes, wildfires and other disasters, SBA disaster loans are the primary source of federal assistance to help private property owners pay for disaster losses not fully covered by insurance. The Need for SBA Disaster Loans Since 1953, the inception of the disaster loan program SBA has approved 2.195 million disaster loans totaling $63.92 billion to help businesses and residents with losses not covered by insurance or other compensation. In fiscal year 2018, SBA approved 140,240 loans for $6.994 billion. Physical and Economic Injury Disaster Loans Physical disaster loans are for repairing, rebuilding and replacement of uninsured or underinsured dis- aster damages to privately owned real and/or personal property. Businesses of all sizes and private nonprofit organizations may borrow up to $2 million either or in a combination of physical and eco- nomic injury Economic injury disaster loans provide necessary working capital until normal operations resume after a disaster. For small businesses, small agricultural cooperatives, small businesses engaged in aquacul- ture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to busi- nesses regardless of any property damage. Disaster Home Loans and Personal Property Loans Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or de- stroyed personal property. For further information: Additional Information about the SBA disaster loan program is available by calling the SBA at (800) 659 -2955, emailing [email protected] or visiting SBA’s website at www.sba.gov. Individu- als who are deaf or hard-of-hearing may call [phone]. Continued on page 23……. 22