How to Get an Economic Injury Disaster Loan

The Small Business Administration (SBA) helps business owners obtain disaster relief. Once the government announces your location is in a disaster area, they offer economic injury and disaster loans. To qualify, you must be unable to continue meeting financial obligations to run your business. Follow these steps to apply.

Difficulty: Moderate

Instructions

1. Find out if you qualify to get a commercial loan. The SBA approves only those who aren't able to obtain credit elsewhere.

2. Determine your financial needs to run the business. This amount must not exceed what you normally used before your economic injury occurred.

3. Gather information for current obligations to loans and expenses. The SBA is looking for what it costs to run your business. Statements are necessary. This determines the amount of the loan.

4. Locate the last 3 years of your Federal tax returns. You must give these to the SBA. They need to confirm that the requested amount for the loan matches what your business needs.

5. Prepare for qualified loans with a maximum payoff of 30 years valued up to $1.5 million.

6. Understand in many cases an interview is held prior to making an application. At that time the SBA gives information concerning eligibility and type of assistance.

7. File your application at a designated SBA office or a temporary field office for your particular area. Forms are available at these locations.

8. Check your mailbox for approval of your economic injury disaster loan.

Tips & Warnings

• Remember to stay within the time deadline to file your loan. This is determined by the SBA.