Even if you don't have a small business, if you've been affected by a natural disaster—like a hurricane, tornado, wildfire, or mudslide—you might qualify for a loan from the U.S. Small Business Administration (SBA). SBA loans are available for homeowners, renters, and business owners.
Read on to learn more about SBA loans and how to apply for one, as well as what kinds of foreclosure relief are available if you're having trouble keeping up with payments on an existing mortgage after a natural disaster.
SBA provides low-interest, long-term loans if your home, personal property, or business has suffered physical damage, or if your business has suffered economic damage, due to a declared disaster.
The SBA provides the following types of disaster loans:
Go to U.S. Small Business Administration and click on "Current Disaster Declarations" to find out if you are within a declared disaster area. You can also find the deadline to apply for a SBA disaster loan by reviewing your relevant section.
Next, go back to the main page and click on “ Apply for a Disaster Loan.” While you can apply via mail or in person at any Disaster Recovery Center, the online application is the quickest way to get a decision about loan eligibility. For more information or to find a Disaster Recovery Center near you, contact the SBA Customer Service Center at 800-659-2955 (TTY: 800-877-8339) or send an e-mail to firstname.lastname@example.org.
Borrowers with any type of loan might qualify for financial relief from FEMA. Also, loan servicers sometimes offer relief options, like forbearances or modifications, to affected homeowners. (To learn about foreclosure relief after a natural disaster, see Help for Homeowners Facing Foreclosure After a Natural Disaster: Foreclosure Moratoriums.)
If you're having trouble making payments on an existing mortgage after a natural disaster—and you have a FHA, Fannie Mae, Freddie Mac, or VA loan—you might be eligible for a foreclosure moratorium. A moratorium is a period of time following a natural disaster during which the loan servicer won't start a foreclosure even if you're behind in payments. If you're facing foreclosure and want to learn about your rights, consider talking to a foreclosure attorney.