SBA Offers Hope to Flood Victims

There may be a light at the end of the tunnel for flood victims.

The U.S. Small Business Administration (SBA) offers low-interest disaster loans to businesses of all sizes; most private, nonprofit organizations; homeowners and renters.

Businesses of any size may borrow up to $2 million to repair or replace disaster property damage.

Small businesses, small businesses engaged in aquaculture and most private, nonprofit organizations can also borrow to help meet disaster-caused working capital needs.

If you are a homeowner or renter, the Federal Emergency Management Administration (FEMA) may refer you to the SBA. SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation. 

Homeowners may borrow up to $200,000 to repair or replace their primary residence. In addition, homeowners and renters can borrow up to $40,000 to replace personal property, including vehicles.

The fastest way to apply for help is to register with FEMA at www.disasterassistance.gov.

Homeowners and renters should submit their SBA disaster loan application, even if they are not sure if they will need or want a loan. If the SBA cannot approve an application, homeowners and renters will be referred to FEMA’s Other Needs Assistance (ONA) program for possible additional assistance.

There are three ways to apply to the SBA. You can apply online using SBA’s secure website, https://disasterloan.sba.gov/ela. You can also apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA representative. 

For additional information or to find a location near you, go to the website above or call SBA at (800) 659-2955 or email disastercustomerservice@sba.gov. Individuals that are deaf or hard of hearing can call (800) 877-8339.

You can also apply by mail by sending your completed paper application to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth TX 76155.

Laura Brown, Staff Writer

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