SBA Loans - Not Just For Businesses

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Release date: 
September 16, 2008
Release Number: 
1773-072

JEFFERSON CITY, Mo. -- Low-interest loans from the U.S. Small Business Administration (SBA) are available for homeowners, renters, businesses of all sizes and private non-profit organizations, in the recently added disaster-designated counties of Adair, Callaway, Chariton, Harrison, Macon, Monroe and Putnam.

Many residents who register for disaster assistance with the Federal Emergency Management Agency (FEMA) will be referred to SBA for assistance in the form of a low-interest disaster loan. SBA is the federal government?s primary source of money for the long-term repair or rebuilding of disaster-damaged private property that is not fully covered by insurance.

"It is important that those who receive an SBA application fill it out and return it as quickly as possible, even if they are not interested in a loan," said Federal Coordinating Officer Michael Karl. ?Individuals who do not qualify for SBA loans may be referred to other available disaster aid programs and filing an application doesn?t obligate anyone to accept a loan.?

Completing the SBA loan application is a crucial step in the recovery process and may determine eligibility for other types of disaster assistance including FEMA grants.

SBA offers disaster loans up to $200,000 to homeowners to repair or replace their damaged or destroyed structure. Also, homeowners as well as renters are eligible to borrow up to $40,000 for the repair or replacement of their personal property. Interest rates can be as low as 2.687 percent for homeowners and renters and maximum terms can be for as long as 30 years.

If you receive an SBA loan application and need help filling it out, you can call SBA at 1-800-659-2955 or get additional information online at www.sba.gov/services/disasterassistance or email: disastercustomerservice@sba.gov.

FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.

Last Updated: 
July 16, 2012 - 18:46
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