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SBA Loan May Be Key to Your Recovery

Release date: 
May 14, 2018
Release Number: 
DR-4362-AL NR 008

ANNISTON, AL — ­ If you are an Alabama survivor of the March tornadoes and storms who has been referred to the U.S. Small Business Administration (SBA), it’s important that you complete and submit the loan application to ensure that your disaster recovery process continues to move forward.

Survivors should start the loan process as soon as possible, so submit the SBA loan application even if you are waiting for an insurance settlement. You may be able to begin your recovery immediately with a low-interest SBA disaster loan. The loan balance will be reduced by the settlement from your insurance. SBA loans also may be available for losses not covered by insurance.

Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence.

Homeowners and renters may borrow up to $40,000 from SBA to replace personal property.

Businesses may borrow up to $2 million for any combination of property damage or economic injury. SBA offers low-interest working capital loans (called Economic Injury Disaster Loans) to small businesses and most private nonprofit organizations of all sizes having difficulty meeting obligations as a result of the disaster.

FEMA’s Other Needs Assistance grants may include uninsured losses for furniture, appliances and other personal property. By not submitting the SBA loan application, disaster survivors may be leaving “money on the table” as applying for the loan allows consideration for Other Needs Assistance if the loan is not granted. So, if you submit an SBA loan application but are not offered a loan, you may be considered for other FEMA grants.

Medical, dental and funeral expenses eligible for FEMA grants are not SBA-dependent. Therefore you do not have to fill out an SBA loan application for these services.

The SBA is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property, offering low-interest disaster assistance loans to businesses of all sizes, private nonprofit organizations, homeowners and renters.

Survivors who qualify for an SBA loan are under no obligation to accept it.

Survivors can submit their SBA loan application online at https://DisasterLoan.SBA.gov/ela, by visiting one of the three Disaster Recovery Centers or by mailing their paper application to:

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Ft. Worth, TX 76155-2243

 

For more information, applicants may contact SBA’s Disaster Assistance Customer Service Center by calling 800-659-2955, emailing DisasterCustomerService@sba.gov or visiting SBA’s website at sba.gov/disaster. Deaf and hard-of-hearing individuals may call (800)877-8339.

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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: Helping people before, during, and after disasters.

Follow us on Twitter at https://twitter.com/femaregion4 and the FEMA Blog at http://blog.fema.gov.

The U.S. Small Business Administration (SBA) is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps businesses of all sizes, private non-profit organizations, homeowners and renters fund repairs or rebuilding efforts and cover the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations. For more information, applicants may contact SBA’s Disaster Assistance Customer Service Center by calling 800-659-2955 (Deaf and hard-of-hearing individuals may call 800-877-8339), emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at sba.gov/disaster.

Last Updated: 
May 15, 2018 - 15:03