NEWINGTON, N.H. -- Any Maine resident affected by the floods who needs financial assistance should be sure to complete the loan application sent by the U.S. Small Business Administration (SBA) - even if the individual is not seeking a loan, according to the Federal Emergency Management Agency (FEMA).
Homeowners and renters who receive SBA loan applications after registering for disaster assistance with FEMA should complete the home disaster loan application and return it as soon as possible.
Those applicants who apply and do not qualify may be referred to other programs, but applicants must still complete the SBA loan application before they can be considered for certain grants and programs.
It is important for Maine residents to know disaster loans from the SBA are not just for businesses. Homeowners may also qualify for low-interest loans to help rebuild or repair their homes and replace personal property. Renters may qualify for loans to repair or replace personal property. In fact, the majority of SBA disaster loans are made to homeowners and renters.
SBA loan amounts are based on the actual cost of repairing or rebuilding a damaged home and replacing personal property, minus any insurance reimbursements for the same loss. However, disaster victims do not have to wait for their insurance settlement before applying for an SBA loan.
For more information about how to complete the loan application, or for more information on SBA assistance, call the SBA at 1-800-659-2955, log on to www.sba.gov/disaster or visit a Disaster Recovery Center (DRC).
Residents and business owners with flood-related losses are urged to begin the application process immediately by calling, toll-free, 1-800-621-FEMA (3362) or 1-800-462-7585 (TTY) for the hearing and speech impaired. Trained personnel are available to take applications from 8 a.m. to 6 p.m., seven days a week until further notice.
FEMA manages federal response and recovery efforts following any national incident. FEMA also initiates mitigation activities, works with state and local emergency managers, and manages the National Flood Insurance Program. FEMA became part of the U.S. Department of Homeland Security on March 1, 2003.