1) Home Disaster - loans to homeowners or renters to repair or replace damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including cars.
2) Business Physical Disaster Loans - loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment.
3) Economic Injury Disaster Loans (EIDL) - working capital loans to help small businesses, small agricultural cooperatives and most private, non0profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These laosn are intended to assist through the disaster recovery period.
Credit requirements - acceptable credit history, show the ability to repay the loan, and collateral is required for physical loss loans of $14K and all EIDL loans over $5K. SBA takes real estate as collateral when it is available.
SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.
We can help you complete the applications if you need. The FIRST THING you need to do is to get a FEMA number. Call FEMA Toll-Free at 800-621-3362 to get your number.
Source: http://web.mac.com/oksmallbusiness/iblog/B815991088/C20070607100653/E20090219074927/index.html
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