LEXINGTON, Ky. -- The U.S. Small Business Administration (SBA) urges Kentucky residents affected by the severe storms, flooding, mudslides and tornados that began May 1 to return the SBA disaster loan application even if they do not want a loan. Completing the SBA loan application is a necessary step to being considered for some other forms of disaster assistance. The sooner people complete the application, the sooner the Federal Emergency Management Agency (FEMA) can make decisions regarding federal aid.
SBA disaster loans are the primary source of long-term recovery aid. The loan application provides necessary information for determining the appropriate assistance for each applicant. If the SBA is unable to approve a loan, the applicant may be referred to other disaster aid programs.
Officials stress that it is important for Kentucky residents to know that SBA disaster loans are not just for businesses. The SBA low-interest disaster loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations to repair or replace real estate, personal property, motor vehicles, machinery and equipment, inventory and business assets that have been damaged or destroyed in a declared disaster. These loans are designed for those without insurance and those not fully covered by insurance.
"Homeowners may qualify for low-interest loans to help rebuild or repair their homes and replace personal property," said Doug Mayne, Federal Coordinating Officer. "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."
Applicants may also complete the loan application on-line at the SBA web site at www.sba.gov. For more information, call the SBA at 800-659-2955.
Before applying for an SBA loan, individuals must register with FEMA online at www.DisasterAssistance.gov anytime or by calling 800-621-FEMA (3362) or TTY 800-462-7585. The toll-free numbers are staffed seven days a week, 7 a.m. until 10 p.m. EDT until further notice. Help in all languages is available.
If you or someone you know suffered loss or damage from this latest disaster, you are encouraged to document the damage, save any repair receipts and notify your local emergency director.
Additional counties, and their residents, may be designated for federal disaster assistance at a later date if requested by the Commonwealth and warranted by the results of further damage assessments.
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.