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Home My WebLink AboutTropical Storm Hilary SBA Loan Fact SheetDame : bBvnea ii U.S. SMALL BUSINESS ADMINISTRATION S^ FACT SHEET - DISASTER LOANS �•✓•( CALIFORNIA Declaration #18191 & #18192 (Disasfec CA40388) Incident: TROPICAL STORM HILART US. Sam ll Business Admimdrebnn occulting: August 19 through August Jl 2013 in Rlveraltle County, Call the contiguous Caltomia counties of. Immoral, Orange, San BemaMino S San Diego; and the contiguous Aalzont county of. La Paz Application Filing Diaatlltne r. Physical Damage: November 21, iDSJ Eaormanklnjul June 3A 303< If bou are bceW in a tlechre] Breeder am you may be small for nna cal Manuel ran ore J S, Small &anw Ambassador ISIMI. Me Table of D'eaN r Loans am Ava'kbbi Business Physical barnstormer-Loambbuslnesanm"llrormplemdisasterAame MpWae mne *ffiebuslness, including Mal shical imemaiea. aul machinery and equipment Businesaee INany aim are elgiGe. PMare.ramprolt experienced; such as chargers, churches, probe memblers, eh., are also eligible Ewnomctoun D'm er Lorna EDLl- Among capital loans toMap small barrel e ,email aariculWml aoperagves, small businesses engaged In ayuaalNre, and most prrvele, nonpmgt orpan¢abons IN all sties meet their anmary and necessary finamialobllgaflons NetwnnObemetesedlrectrewltMtMdlMaler. Thmebemanintendedtoaasistthmughttadl> Wr becovery period. Home Diwkr Loans - Loans to bom manes or Mal to repair or replace tlieashrdamagetl real estate and personal pmpal Including branches; W hnl are ma Cndll Raoul remenb] Credit-Aptllmnls mutl hate a mdll hlalory amophblo b SM Rablymen-Appllnnts mug now Me ability to repay all loans, ma are the Inaereer Rags Bylaw, the Incidet relesdgcnd on wTelhxmcnepaJlmnl has Credg Available Ehewil An eppllmnt does not have GedltAvellable Emsehere when SBA determine, the spWinm does not have sufficient tomb or oMx reewrrea, or the aGliry W screw from ongavemmem ecumes, to pmNde for Ica oxn moral Memory. An applicant which SBA determines W have the ability N provpe be hlborherownrewre IsdoomedbhweC It Available Eleewtgn. Irdp68iretp ere IIxW brtlg term oMeben. Ttq IMarestre� ana le he Ns Miami are: Earwhome Ecararmic Injury Leon Types No Crebt Available CrefilAwflable What are Loan Tarsi The law aNhcnzea loan sigma up m a maximum of Sig years. Bowman, the law resbics draineacas with came small elsewhere W a moral 7-year imp. SBA sob the Instalment payment amount and amaspoMing mawrlly based upon each barmwere mi to repay. Borrowers may ba required m mi mlbinal, Date: 09/22/2023 What are the Loan Amount Limits? • Business Loans — The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. Subject to this maximum, loan amounts cannot exceed the verified uninsured disaster loss. • Economic Injury Disaster Loans (EIDL) — The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non -government sources, as determined by the U.S. Small Business Administration. • Business Loan Ceilino — The $2,000,000 statutory limit for business loans applies to the combination of physical, economic injury, mitigation and refinancing, and applies to all disaster loans to a business and its affiliates for each disaster. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit. • Home Loans — SBA regulations limit home loans to $500,000 for the repair or replacement of real estate and $100,000 to repair or replace personal property. Subject to these maximums, loan amounts cannot exceed the verified uninsured disaster loss. What Restrictions are there on Loan Eligibility? • Uninsured Losses — Only uninsured or otherwise uncompensated disaster losses are eligible. Any insurance proceeds which are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan eligibility. However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility. • Ineligible Prooertv — Secondary homes, personal pleasure boats, airplanes, recreational vehicles and similar property are not eligible, unless used for business purposes. Property such as antiques and collections are eligible only to the extent of their functional value. Amounts for landscaping, swimming pools, etc., are limited. • Noncompliance — Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain flood and/or hazard insurance on previous SBA loans. Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility. Is There Help with Funding Mitigation Improvements? If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage. Examples of improvements include retaining walls, seawalls, sump pumps, etc. Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed 20 percent of total amount of physical damage to real property, including leasehold improvements, and personal property as verified by SBA to a maximum of $500,000 for home loans. It is not necessary for the description of improvements and cost estimates to be submitted with the application. SBA approval of the mitigating measures will be required before any loan increase. Is There Help Available for Refinancing? • SBA can refinance all or part of prior mortgages that are evidenced by a recorded lien, when the applicant (1) does not have credit available elsewhere, (2) has suffered substantial uncompensated disaster damage (40 percent or more of the value of the property or 50% or more of the value of the structure), and (3) intends to repair the damage. • Businesses — Business owners may be eligible for the refinancing of existing mortgages or liens on real estate, machinery and equipment, up to the amount of the loan for the repair or replacement of real estate, machinery, and equipment. • Homes — Homeowners may be eligible for the refinancing of existing liens or mortgages on homes, up to the amount of the loan for real estate repair or replacement. What if I Decide to Relocate? You may use your SBA disaster loan to relocate. The amount of the relocation loan depends on whether you relocate voluntarily or involuntarily. If you are interested in relocation, an SBA representative can provide you with more details on your specific situation. Are There Insurance Requirements for Loans? To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available. Applicants may apply online, receive additional disaster assistance information and download applications at hftps://disastedoanassistance.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice0sba.00v for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.