How to Get a Natural Disaster Loan
What it is
| At a Glance | |
|---|---|
| Loan Type: | Disaster |
| Lender: | Government |
| Secured: | Yes |
A natural disaster loan is provided by the United States Department of Agriculture Farm Service Agency and can be provided based upon property loss due to a variety of disasters. Some loan programs include livestock assistance grant programs, emergency conservation programs, emergency farm loans, emergency haying and grazing, livestock assistance program, crop disaster programs, and the tree assistance programs. Disaster loans can also be obtained through the United States Small Business Administration.
Disaster loans generally offer lower interest rates and flexible term financing compared with more traditional loans. Often, in order to get better terms for natural disaster loans, applicants must demonstrate that they cannot obtain financing through traditional lending avenues. Those who can obtain lending elsewhere can still find disaster assistance in some circumstances.
Who it's for
A natural disaster loan is for farmers, producers, ranchers, rural citizens, homeowners and personal property owners who require assistance for losses as a result of drought, flood, fire, freeze, tornadoes, pest infestation, and other calamities. Many people find coping with substantial loss during times of natural disaster very difficult. A natural disaster loan can help get people's lives back on track.
What you need to do to apply
In order to be approved for a natural disaster loan, a person must demonstrate that substantial economic injury has occurred, that they are having difficult obtaining commercial lending elsewhere, and that they are willing to repay and produce collateral. Research is essential to obtaining the right natural disaster loan supported by the appropriate government agency.
Apply for a Natural Disaster Loan
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