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SBA Offers Working Capital


By Trishna Buch

In the aftermath of Hurricane Harvey, a lot of you may be dealing with the destruction of your personal and business properties. On top of everything that is on your mind, you now have to worry about finding ways to rebuild your property—quickly—so that you can get back on your feet and back to normalcy. At The Post, we want to help you in this process, so we are providing you with information from the United States Small Business Administration, which will hopefully help you as you come to terms with everything caused by Harvey.

The SBA is offering federal low-interest disaster loans to businesses, nonprofit organizations, homeowners and renters. These loans can be used to repair any damage that occurred on your property as a result of Hurricane Harvey. Businesses can borrow up to $2 million to repair or replace any damaged property. According to the SBA “the $2 million maximum applies to the combination of property damage and working capital loans.” Furthermore, if you are homeowner, you may borrow up to $200,000, to help you repair your primary residence. A primary residence, I should add, refers to the location you were residing in at the time of the hurricane. In addition, if your home has been damaged beyond repair, you can use the money to purchase a new home. And, since a person’s way of living does not only depend on their home, the SBA is allowing people to borrow up to $40,000 to replace other types of property—such as vehicles.

Now, when it comes to loans, the most important thing to remember is that they always need to be paid back. Therefore, it is important that you analyze your situation completely, and study the different loans options you have, before making a decision. In the wake of everything you may be dealing with, you do not want to be burdened with the added hassle of not being able to pay back the loan you have taken out. Fortunately the SBA provided us with details of their loans, which I will reiterate for you.

There are three types of disaster loans available to people affected by Hurricane Harvey—business physical disaster loans, economic injury disaster loans and home disaster loans. The business physical disaster loans are, according to the SBA, “loans to businesses—of any size—to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment.” This particular loan is also available for charities, churches, private universities and other nonprofit organizations.

The economic injury disaster loans are, according to the SBA, “working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of disaster.”

Lastly, the home disaster loans are, according to the SBA, “loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

If you feel that you need to take out a loan to assist you in your repairs, please register with FEMA by calling 800-621-3362 or going online to

For more information on loans, their terms, limits and eligibility, please contact the SBA Disaster Assistance Customer Service by calling 800-659-2955, emailing, or going online to If you are hard of hearing, you can call 800-877-8339.

Since all of the information in this article was provided to The Post by the SBA, I urge you all to visit their website so you have the most accurate and up to date information. ?

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