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Returning SBA Application Could Mean More Aid

Release date: 
September 23, 2010
Release Number: 

DOWNERS GROVE, Ill. -- Federal and state disaster recovery officials say more aid may be available to applicants who have received and returned a loan application from the U.S. Small Business Administration (SBA).

The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) and the Illinois Emergency Management Agency (IEMA) advise that the SBA application is an important part of the FEMA disaster assistance process. If SBA determines that a homeowner or renter cannot afford a loan, that person may be referred back to FEMA for possible further grant assistance.

An SBA application can be completed in as little as 15 minutes. Help is available from an SBA representative at a Disaster Recovery Center. If SBA refers the applicant back to FEMA, grants may be available to replace personal property and help meet transportation and other serious disaster-related needs not covered by insurance or other federal, state and charitable aid programs.

SBA can offer loans to fully repair real estate and replace damaged personal property, including automobiles. The loans for homeowners and renters can be as low as 2.5 percent and repayment can span up to 30 years, making payments very low and affordable. However, there is no obligation to take the loan if one is offered.

Federal disaster officials stress the importance of returning the SBA application as soon as possible. Once it is received, the process of disaster aid delivery can proceed and the applicant may receive additional assistance. The deadline is Oct 18, 2010.

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 16, 2012 - 18:46
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