Homeowners, renters, nonprofit organizations, and businesses of all sizes are eligible to apply for physical disaster assistance.
Eligibility
If you live in a declared disaster area and have experienced damage to your home or personal property, you may be eligible for financial assistance from SBA — even if you do not own a business. As a homeowner, renter, or personal property owner, you may apply to SBA for a loan to help you recover from a disaster.
- Homeowners may apply for up to $500,000 to replace or repair their primary residence.
- Renters and homeowners may borrow up to $100,000 to replace or repair personal property — such as clothing, furniture, cars, and appliances — damaged or destroyed in a disaster.
- Secondary homes or vacation properties are not eligible for these loans. However, qualified rental properties may be eligible for assistance under SBA's business physical disaster loan program.
- These loans cover disaster losses not fully covered by insurance or other sources. Proceeds from insurance coverage on home or property may be deducted from the eligible loan amount.
Use of proceeds
- You may not use the funds to upgrade homes or make additions, unless required by the local building code.
- You may be eligible for up to a 20% loan amount increase above the real estate damage, as verified by SBA, for improvements that will help prevent risk of future property damage.
- SBA can refinance all or part of a previous mortgage in some cases, when the applicant does not have credit available elsewhere and has suffered substantial disaster damage.