Davenport, IA -- In the aftermath of the severe storms and floods that struck Iowa, people who seek disaster assistance may find that along with a possible Federal Emergency Management Agency (FEMA) check to repair their home or rent an apartment, they have also been issued a U. S. Small Business Administration (SBA) loan packet. It is very important that these SBA forms be completed and returned. Other forms of assistance-not just loans-are based on these forms. The forms in the SBA loan packet must be completed and returned before any further assistance can be considered.
Filling out the application opens the way for a low-interest loan to help pay for replacement of personal property and damages to homes. The SBA can loan up to $200,000 to repair homes and up to $40,000 to replace disaster-damaged personal property. These loans are at low interest rates and long terms which make the loans affordable to almost any budget.
"It is important that you complete this application if you need financial assistance," said Federal Coordinating Officer Michael Bolch. "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. To receive either a loan or a grant, however, you must complete and return the SBA loan application. If you think you cannot afford a loan you must still fill out the SBA loan application to be considered for a possible loan or grant."
Steve Zimmerman, State Coordinating Officer, stated, "If, after returning the packet, you qualify for the Individual and Family Grant program, you will receive a check and letter explaining the losses for which you are being reimbursed. If you qualify for all that is eligible under the program, the check amount can be up to $14,400. The average amount is about $2,000."
People who suffered damage from the severe storms, tornadoes, and flooding since April 8th, but who have not applied, should call the teleregistration number to begin the recovery process. FEMA's teleregistration number is 1-800-462-9029. For the hearing or speech impaired, the TTY teleregistration is 1-800-462-7585. The teleregistration telephone number is available 8 a.m. to 6 p.m., Monday through Friday (Closed Memorial Day, Monday, May 28).