Eligibility is based on financial criteria.
Interest rates fluctuate according to statutory formulas.
In addition to presidential declarations, the program handles disaster loans when a declaration is made by the SBA Administrator. Homeowners may apply for an additional 20 percent for disaster mitigation. This is the major long-term recovery program for an individual's disaster loss. This loan is not intended to replace extraordinarily expensive or irreplaceable items such as antiques, pleasure crafts, recreational vehicles, fur coats, etc. Loans may be used to replace or repair equipment, fixtures and inventory and to make leasehold improvements.