Business Physical Disaster Loans // These loans are worth up to $2 million and are made available to businesses of any size and most nonprofits that have suffered physical damage to their properties. The money must be used to repair or replace buildings, machinery, inventory and other items. The interest rate is capped at 4 percent if borrowers can’t find financing anywhere else, 8 percent if they can. Repayment terms are as long as 30 years.

Economic Injury Disaster Loans // These loans are set aside for small business, agricultural cooperatives and most nonprofits that–even if they weren’t physically damaged by a disaster —are unable to cover its normal operating expenses because of a declared disaster. The interest rate is capped at 4 percent, and terms of 30 years maximum are available. The borrowing limit is $2 million. It’s possible to get economic injury and physical damage loans, but their combined amount can’t exceed $2 million.

Home and Personal Property Loans // Homeowners can seek loans of up to $200,000 to repair their primary homes. (Vacation homes don’t qualify, though rental properties might under the business damage program.) Renters and homeowners also can apply for loans to fix or replace clothing, vehicles and other damaged items. The loan limit is $40,000. Loans that are larger than $14,000 require collateral “to the extent possible,” but the SBA won’t deny a loan because no collateral is available. Instead, the agency might accept a mortgage as collateral instead.

Military Reservists Economic Injury Loans // It’s not what most people think about when they hear disaster loans, but the SBA does offer loans up to $2 million to small businesses when a key employee is called up to active duty.

For more information about SBA disaster loans, visit this website.