If you have a business that has a physical location, you need to consider ways to protect it. Natural disasters or other circumstances may cause you to lose income or your business location. A disaster can devastate a small business, but there are ways to help before and after something disastrous in your community. Disaster loans can help you prepare for issues or help you rebuild after something happens. While you can find help from many places, an excellent resource is the SBA. They have several loans that may be valuable for your business. Here are some loans you can use after a disaster has happened.

Physical Damage Loans

You must be in a declared disaster area to be eligible for a physical damage loan for your company. A business of any size can apply, so do not feel you have to have a large company. You can use this loan to repair or replace machinery, property, inventory, equipment, and fixtures. However, you cannot use the loan to upgrade or expand your business. To get this loan, apply online. SBA inspectors will then inspect your property and damage and give you an estimate.

Mitigation Loans

Disaster loans can help your organization after a catastrophe and assist with rebuilding. You can use mitigation loans to make your business withstand wind, flood, fire, earthquake, and hail damage. After your company gets damaged by one of these natural occurrences, you may want to take steps to make your business location stronger and less susceptible to damage. You could strengthen your structure, install a safe room, or elevate your building.

Economic Injury Disaster Loans

Due to a disaster, your business may suffer financially. You can use economic injury disaster loans for small businesses, agricultural cooperatives, and some nonprofits. If you want to be eligible for these, your business should have suffered an economic injury that makes it impossible to meet obligations and pay operating expenses. The money can help a business stay afloat until normal operations can resume. However, these loans are only available if the SBA determines you cannot get money elsewhere.

When something devastates your business, whether it be a storm, fire, or other disaster, you may need help. While you may find money and loans elsewhere, keep the SBA in mind. Their programs are beneficial for all small business owners. You may be able to receive a loan to help your business get back on its feet and stay open.