When You Apply for STORM Funds

FEMA considers a variety of factors when making capitalization grant awards. Some of these factors include considering the number of entities applying, total amount of funding each entity indicates they need, cost to the entity for management and oversight of the program, and to what degree the entity's Intended Use Plan emphasizes equity. 

Submitted applications will be reviewed for completeness and compliance with statutory requirements before awarding capitalization grants.

FEMA considers a variety of factors when making capitalization grant awards. Some of these factors include:

• Considering the number of entities applying
• Total amount of funding each entity indicates they need
• Cost to the entity for management and oversight of the program
• Equity emphasis in the Intended Use Plan

If necessary, applications that pass the eligibility criteria review may be evaluated further. Grant application materials will be reviewed, and entities will be awarded amounts-based things such on availability of funds, quality of applications, and how the application alignment with the priorities established in Section 205(d)(3) of the Robert T. Stafford Disaster Recovery and Emergency Assistance Act. In addition, grants awarded will align with the agency’s resilience and equity goals.

Funding will be issued to entities at the time of award and upon establishment of the entity loan fund. FEMA will not retain the funds until loans are ready to be issued.

FEMA will incorporate best practices learned from participating entities into subsequent funding opportunities and program policies. FEMA will also collaborate with eligible entities to develop their capitalization grant applications.

To ensure the easiest approach, FEMA requires entities publish and update information publicly on a preferred platform and at intervals during and after the period of performance most suitable to the entity. The objective of the publication of the information reporting process is to provide the public with knowledge of funded project activities. 

FEMA’s verification of the publication of information statutory requirement will be reviewed during quarterly progress reports and or other annual requirements.