If your business has been affected by an issue that was declared a disaster by the government, then you may want to consider SBA disaster loans. The Small Business Administration of the United States can provide loans to companies who are going through difficult times because of a disaster. They are one of the most important means of getting the financial help and assistance that is needed after a disaster. Insurance can help, but it may not be able to help all companies through all types of disasters. One of our partners has a great additional resource page for more information on this. Go to Altitude Payroll to check it out.
Apply for the SBA Disaster Loan Right Away
Those businesses that were in North Carolina and who suffered through Hurricane Florence and the damage that it caused would likely qualify for an SBA disaster loan. They might have also had some insurance that could help with their situation.
The SBA can determine whether you are eligible for a loan after a disaster. If you are eligible, you can accept the loan if it is needed. However, you are not required to take the loan if you do not want and need it.
Still, after a disaster of any sort has struck, it is a good idea to full out the loan application right away. This way, you will have your options option for you in the future. You can decide later if you want to accept the SBA disaster loan or not.
One of the mistakes that some people make is to wait until they receive an insurance settlement before they start to fill out the SBA loan application. This prolongs the process, and you might find that the insurance doesn’t provide you with the coverage and the support that you need.
To learn more and to find other lending options, you can check out Aspen Commercial Lending. Get in touch to learn how we can help you with your lending needs.
For more information on this topic visit our partners at Altitude Payroll, they have created a great resource page for getting through these times.