As a business owner, you’ve heard of disasters happening to other business owners but probably never expect it to happen to yourself. If it does, will you be prepared? Because the nature of disasters is so unpredictable, many business owners aren’t prepared. This is why the SBA has set up a disaster relief program. Small businesses are the backbone of America, and it’s in everyone’s interest that they succeed. If you’re faced with a disaster, here are the steps you need to take to apply for an SBA disaster loan.
Register With FEMA
The first step toward disaster aid is registering with the Federal Emergency Management Agency (FEMA). They’ll gather information regarding your business and the type of disaster experienced. By the end of the call, they’ll provide you with a registration number. This registration number is important so be sure to keep it safe.
Apply With SBA
The next step toward receiving your SBA disaster loan is to apply with the Small Business Administration (SBA). You can apply online directly after you hang up the phone with FEMA. You’ll need to have some information available for your application:
- The registration number provided by FEMA
- Social security numbers of all business owners
- Mortgage deed or lease
- Profit and loss statements
- All business insurance documents
- Federal employment identification number
Providing exact information as well as all information being requested is crucial for getting timely relief. Any omissions or errors will only delay the processing of your application. Once you’ve provided the information requested on the application you can submit it and wait for someone from the SBA to reach out to you.
Contact Your Insurance
Depending on what type of insurance your business has, you may be able to get more help. While you’re waiting to hear back from the SBA, file any claims through your insurance as well. Time could be of the essence, so don’t wait to hear back from the SBA, as this could take several weeks.
A disaster is usually a time of stress, and while it may feel like the process is moving slowly, you can be sure that people are working behind the scenes to get your business back on track. In the meantime, reach out to other local organizations that may be able to assist. An SBA disaster loan is just one way to access crucial funding to keep your business going. The sooner you apply, the faster you’ll get help.