Why Disaster Survivors Should Apply With the SBA
If you sustained damage from the severe storms and flooding in western
Disaster survivors who register for assistance with
But some survivors may have more significant damage and will need a larger amount of money to help with their recovery. For those situations, an SBA loan may be the best option.
Most
If SBA offers you a loan, you are not required to take any or all of the money. But if you are offered a loan and decline it because you only want a grant, you may exclude yourself from consideration for additional assistance, such as that which is available through
SBA disaster loans are not just for businesses of all sizes. Homeowners, renters and private nonprofits can apply as well.
Here are some facts to consider:
* Homeowners may qualify for low-interest disaster loans up to
* Interest rates for homeowners and renters are as low as 2.063 % with loans extending up to 30 years.
* Homeowners may be eligible for additional funds to pay for mitigation improvements, which include such measures as elevating homes, building retaining walls, installing a sump pump and/or relocating utilities.
* Homeowners also may be eligible for loans to assist with relocation. For details, see an SBA representative at the nearest Disaster Recovery Center (DRC) or Disaster Loan Outreach Center. To find the nearest DRC, go online to www.fema.gov/drc.
* Business and nonprofits can apply for up to
* You don't have to wait for an insurance settlement before applying. However, SBA is not permitted to duplicate benefits. Funds from insurance, grants and other programs will be considered when determining eligibility. Loan applicants should check with agencies/organizations administering any grants or other assistance programs under this disaster declaration to determine how an approval of an SBA disaster loan might affect their eligibility.
* Home and business owners may be eligible for the refinancing of existing liens or mortgages on homes, up to the amount of the loan for real estate repair or replacement.
To be considered for all forms of disaster assistance, survivors should register with
For more information on SBA, visit www.SBA.gov/disaster, call
For more information on the
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 faced discrimination, call
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