OWINGS MILLS, Md. -- Victims of Hurricane Floyd who have registered with FEMA may be eligible for a loan from the U.S. Small Business Administration (SBA). The SBA loan application is sent to all applicants (both individuals and business owners) who may qualify for a loan.
The SBA can provide loans to homeowners and renters, as well as businesses, to help pay for the repair or replacement of disaster losses. These loans are at low interest rates and long terms that make the loans affordable to almost any budget. The SBA can loan up to $200,000 to repair homes and up to $40,000 to replace disaster-damaged personal property. Low interest loans for businesses can be up to $1.5 million.
"It is important that you complete this application if you need financial assistance," said Federal Coordinating Officer Curtis Musgrave. "The SBA loan is an important source of recovery funds. If you do not qualify for a loan, you may be considered for a grant from the Individual and Family Grant Program. All applicants must complete this first step."
To receive either a loan or a grant however, you must complete and return the SBA loan application. If a homeowner or renter is not qualified for a loan, he or she will be refered to the Individual and Family Grant Program.
People who suffered damage from the flooding between September 16-20, who have not applied, should call the toll-free registration number to begin the recovery process. FEMA's toll-free registration number is 1-800-462-9029. For the hearing- or speech-impaired, the TTY number is 1-800-462-7585.
Disaster victims who need information about assistance programs or want to learn about the status of their applications may call the FEMA Helpline at 1-800-525-0321 (TTY 1-800-462-7585).
Both the registration and helpline numbers are available from 7 a.m. to 7 p.m. (EDT), seven days a week until further notice.