Wise, VA -- Flood victims in southwestern Virginia are being urged to complete and return their U.S. Small Business Administration (SBA) loan applications, even if they don't intend to take a loan.
Federal Emergency Management Agency (FEMA) officials say if a loan packet was issued to a disaster assistance applicant, it is important that it be completed because it will affect the assistance that is offered. The SBA needs to determine if a flood victim can afford a low interest loan and if the applicant can afford it, one will be offered.
If the SBA determines that a renter or homeowner cannot afford to repay a loan, the application is referred to the Individual and Family Grant (IFG) program for consideration. The average grant will be lower than the typical loan for which a flood victim can qualify.
The application process begins with a call to FEMA's toll-free telephone number, 1-800-621 FEMA (1-800-621-3362).