SBA Disaster Loans Get People "Back In Business"

Main Content
Release date: 
July 29, 2009
Release Number: 
1847-027

JEFFERSON CITY, Missouri -- Residents who have registered with the Federal Emergency Management Agency (FEMA), and have received a U.S. Small Business Administration (SBA) disaster loan application must complete it to be considered for additional types of assistance. Submitting the loan application does not mean an applicant will be approved for a loan, nor does it mean they must accept a loan if it is approved.

A completed loan application is the first step in determining the type of assistance for which a homeowner, renter or business may be eligible. If the applicant is denied a loan, they may then be considered for a grant through FEMA's Other Needs Assistance programs. Insurance does not have to be settled before submitting a completed SBA application. Various types of loans are available, including loans to cover expenses while waiting for insurance settlements.

"We want anyone who has received the SBA loan application to return it as soon as possible," said Federal Coordinating Officer Tom Hall. "The sooner the completed application is received, the sooner we can get help to those who need it."

The SBA provides loans with interest rates as low as 2.437 percent to help cover the cost of repairing or replacing lost or damaged structures and personal property. SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation. As of Wednesday, more than $600,000 has been approved in low-interest disaster loans as result of the May's severe storms, tornadoes and flooding.

For more information, contact the SBA Disaster Assistance Customer Service Center at 800-659-2955 or by email to disastercustomerservice@sba.gov, or visit the SBA Web site at www.sba.gov/services/disasterassistance.

Disaster survivors who have not yet registered with FEMA can apply for assistance online at www.DisasterAssistance.gov or by calling this toll-free number, 800-621-FEMA (3362), between  7 a.m. and 10 p.m. daily. Those with speech or hearing impairments may call TTY 800-462-7585. The registration deadline is August 18.

FEMA's mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

Last Updated: 
July 19, 2012 - 23:02
State/Tribal Government or Region: 
Back to Top