SBA Urges Applicants to Submit Loan Applications As Quickly As Possible

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Release date: 
November 24, 1998
Release Number: 
1257-042

SAN ANTONIO, Texas -- Texans who suffered damages during the Oct. 17-31 floods and have registered for disaster recovery assistance are urged to fill out and return their loan applications to the U.S. Small Business Administration (SBA) as quickly as possible.

"People should not wait until they have settled their insurance claim to file their SBA loan applications," said John Bates of the SBA. "It is important that people get their completed loan forms to us promptly so we can start processing their application. Submitting an application does not mean someone has to accept the loan if it is approved."

The low-interest disaster loans are one component of disaster recovery programs available to Texans who had losses as a result the floods. The loans are long-term assistance for people to rebuild or repair major damage to their homes or businesses.

To date, the SBA has approved more than $2.6 million in its disaster loans for victims of the October flooding. With an approved loan, funds become available to start the rebuilding and repairing process right away. Adjustments based on insurance payments can be made after the loan has been approved, if necessary.

Individuals who have registered for assistance with FEMA and who have questions about their SBA application forms or other recovery assistance programs may call the FEMA Helpline at 1-800 525-0321 (TTY 1-800-660-8005 for speech- or hearing-impaired individuals) from 9 a.m. to 6 p.m. Monday through Saturday. They also may visit a Disaster Recovery Center during the same hours and speak face-to-face with a recovery specialist.

Anyone who has not yet registered for assistance and who had damages or losses as a result of the floods is urged to call FEMA teleregistration at 1-800-462-9029 (TYY 1-800-462-7585) from 9 a.m. to 6 p.m. Monday through Saturday.

Last Updated: 
July 16, 2012 - 18:46
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