It’s Important to Submit an SBA Loan Application

Release Date:
May 23, 2023

Homeowners, renters, business owners and certain nonprofits in Broward County who had losses from the April 12–14 severe storms, tornadoes and flooding may be referred for a disaster loan from the U.S. Small Business Administration (SBA).

FEMA may refer survivors to SBA with information on how to apply for a disaster loan. Homeowners, renters, business owners and certain nonprofits may be eligible. It’s important to submit the loan application as soon as possible.

If the application is approved, they are not obligated to accept an SBA loan but failure to return the application may disqualify them from other possible financial assistance from FEMA and State of Florida.

  • SBA disaster loans are the largest source of federal disaster recovery funds for survivors. SBA offers long-term, low-interest disaster loans to businesses of all sizes, private nonprofit organizations, homeowners and renters.
  • SBA disaster loans cover losses not fully compensated by insurance or other resources. Survivors should not wait for an insurance settlement before submitting an SBA loan application. They may discover they were underinsured for the deductible, labor and materials required to repair or replace their home.
  • Homeowners may be eligible for a disaster loan up to $200,000 for primary residence structural repairs or rebuilding. SBA may also be able to help homeowners and renters with up to $40,000 to replace important personal property, including automobiles damaged or destroyed in the disaster.

Survivors in Broward County may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955.

Last updated May 25, 2023