- Note: ask your insurance agent to specify Business Personal Property (BPP) instead of Personal Property, even on a Business Owner’s Policy. Coverage limits must be listed.
did you know that you are required to have hazard insurance with SBA EIDL loan?
Types of Disaster Loans
Business Physical Disaster Loans
If you are in a declared disaster area and have experienced damage to your business, you may be eligible for financial assistance from the SBA. Businesses of any size and most private nonprofit organizations may apply to the SBA for a loan to recover after a disaster.
Economic Injury Disaster Loans
If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area ,you may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
Military Reservists Economic Injury Loans
The Military Reservist Economic Injury Disaster Loan (MREIDL) provides funds to help an eligible small business meet its ordinary and necessary operating expenses that it could have met, but is unable to, because an essential employee was called-up to active duty in his or her role as a military reservist.