If your business has been impacted due to a natural disaster or hardship, you may qualify for an SBA disaster loan to get back on track. These funds are available to businesses and companies that qualify and that can document losses in revenues due to a disaster or emergency- like COVID- in the US.

Here is what you need to know:

Are you in an area that has been declared a disaster zone by the Federal government, the SBA, or the Secretary of Agriculture? You can find a list of declared disaster areas online.

Have you applied or submitted an insurance claim related to your losses and damages?

If the disaster is related to a pandemic or epidemic, special rules and exceptions apply.  

Typically, the SBA only helps to cover expenses and losses that are not insured and covered- but it is not too early to apply. The amounts can be adjusted later or will have the amount covered by insurance taken out before disbursement of funds.

Want a leg up regarding your eligibility for an SBA loan? Here are some tips:

Stay on top of your credit rating. Don’t wait around to be surprised by what your credit report says about you. This applies to both your business and personal credit ratings, history, and score.

Be prepared to show documentation of the losses you have suffered due to the disaster. This includes estimates and statements related to your revenues and costs.

Print and complete all related forms for the SBA application. Be thorough, thoughtful, and legible when filling them out.  

So, what if your application for a loan gets denied? This is commonly due to poor credit history or an inability to repay the loan, based on the financial documentation provided. You may then apply for reconsideration within six months of getting denied for the loan.

Got more money questions? You can trust in the expertise of Private Client Capital Partners. Call or visit to learn more about your funding options today.