Important points about SBA low-interest Disaster Loans:
1. No application fee.
2. No obligation to accept the loan after it is approved. Applicants/Survivors have 60-days to decide to accept and can ask for more time if they need to reevaluate their recovery situation.
3. No prepayment penalty.
4. No accrued interest for first 12 months of the loan.
5. No required payments for first 12 months of the loan.
Apply in person at a Disaster Recovery Center or a Business Recovery Center or apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/. Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 and at https://disasterloanassistance.sba.gov/ela/s/loan-information. Please feel free to share these links.
The Maine Small Business Development Center (SBDC) has free assistance for businesses that want to apply for a disaster loan or that need help with a disaster recovery business plan. SBDC is available by email at mainesbdc@maine.edu.