FRANKFORT, Ky.?-- It's vital that Kentucky residents who sustained damage during the severe storms, tornadoes and flooding between April 22 and May 20 return the Small Business Administration (SBA) disaster loan application they received after registering with the Federal Emergency Management Agency (FEMA).
People sometimes ignore or discard those SBA documents, thinking the loans are only for businesses or because they may not want a disaster loan. ?But failing to fill out and return the SBA loan application can cause applicants to lose out on possible FEMA aid beyond the initial home repair and rental assistance.
While FEMA assistance can help individuals and families with immediate recovery needs, SBA disaster loans are the primary source of federal funds for long-term recovery for homeowners, renters and businesses.
Low-interest SBA disaster loans up to $200,000 are available to qualified homeowners to repair or replace damaged real estate. In addition, $40,000 loans may be available to homeowners and renters to repair or replace damaged personal property.
Businesses of any size and most private non-profit organizations may borrow up to $2 million to repair or replace storm-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
SBA loan interest rates for residents can be as low as 2.688 percent with terms as long as 30 years. Interest rates are as low as 4 percent for businesses and 3 percent for non-profit groups.
If the SBA is unable to approve the loan for a homeowner or renter, the applicant may be referred back to FEMA for additional grant consideration.
To register with FEMA or follow up on applications call 800-621-FEMA (3362); TTY 800-462-7585 for those who are deaf, hard of hearing or speech impaired or go online at www.disasterassistance.gov.
For SBA information, call 800-659-2955 or visit the SBA website at www.sba.gov/services.
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.