How an Economic Injury Disaster Loan can help your business recover

Natural disasters can be detrimental to businesses and their operations. Repairing and replacing damaged buildings, equipment, inventory and other assets is costly. Businesses that suffered a drop in income due to a disaster may find it difficult to cover bills they would have been able to pay if the disaster hadn't happened. Fortunately, there is help from the Small Business Administration, the SBA to help businesses recover. The SBA offers low interest long term disaster loans to cover fiscal damages as well as economic injury. Businesses of all sizes and eligible nonprofits may apply for fiscal disaster loans. Small businesses and private nonprofits may also apply for economic injury disaster loans even if they did not sustain physical damage. The EIDL amount is based on actual revenue losses and the company's financial needs. The application process is the same for both types of disaster loans. The maximum combined loan amount, including physical damage, economic injury and mitigation, is $2 million with terms up to 30 years. For more information about SBA disaster loans for businesses or to apply, visit a disaster assistance center or go online to sba.gov disaster.