NASHVILLE, Tenn. -- Disaster survivors who have registered with the Federal Emergency Management Agency and have received a disaster loan application from the U.S. Small Business Administration (SBA) should complete and return the application – even if they do not want a loan.
The reason: Some applicants who do not qualify for an SBA disaster loan may be eligible for additional grants from FEMA and the state.
If the SBA determines that an applicant does not qualify for a disaster loan, applicants may be referred back to FEMA where they may be eligible to receive additional grants for personal property, vehicle repair or replacement, and moving and storage expenses.
An SBA application takes little time to complete, but has a lot to offer. Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For eligible borrowers, SBA can offer disaster loans with interest rates as low as 2.688 percent for homeowners and renters, and 3 percent for nonprofit organizations. Disaster loans for businesses may be as low as 4 percent with terms up to 30 years.
If applicants encounter any questions while filling out the application, they can go to the nearest Disaster Recovery Center in Tennessee or call the SBA at 800-659-2955 (TTY number 800-877-8339), to speak with a staff member directly. The SBA is also online at www.sba.gov.
Actual disaster loan amounts and terms are set by the SBA and are based on each applicant's situation. It is also important to note that no one is obligated to take an SBA disaster loan if offered.
Don't miss out on disaster assistance; return your SBA disaster loan packet today!
To register or get help from FEMA:
To locate Disaster Recovery Centers in Tennessee, go to www.fema.gov/drclocator.
Before registering, it is extremely important to know the exact date when damage occurred. You will need to provide an accurate date when you register.
Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-FEMA (3362). For TTY call 800-462-7585.
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.
FEMA's housing assistance and Other Needs Assistance grants for medical, dental, and funeral expenses do not require individuals to apply for an SBA loan. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be considered for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses. Applicants who do not qualify for a SBA loan may be eligible to receive Other Needs Assistance grants for these items.