SBA Disaster Loans are Not Just for Businesses

Homeowners and renters who suffered damage from Hurricane Katrina are eligible for low-interest disaster loans from the U.S. Small Business Administration (SBA). “Although we are the Small Business Administration, SBA disaster loans are not just for small businesses. As a matter of fact, SBA makes the majority of its disaster loans to homeowners and renters,” said SBA Administrator Hector V. Barreto.

SBA disaster loans are the primary source of federal funds for repairing or rebuilding disaster damage to private property owned by homeowners and renters. Homeowners may borrow up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters may borrow up to $40,000 to repair or replace damaged or destroyed personal property, including vehicles.