SBA disaster assistance loans key to continuing the recovery process

CHARLESTON, W.Va. – If you are a disaster survivor in West Virginia applying for assistance with the Federal Emergency Management Agency (FEMA) and are referred to the U. S. Small Business Administration (SBA), it’s important to submit a low-interest disaster loan application. This will ensure that the federal disaster recovery process continues and you keep your options open. 

Next to insurance, an SBA low-interest disaster loan is the primary source of funds for real estate property repairs and for replacing contents destroyed in the June 22-29 storms.

FEMA and SBA encourage homeowners, renters and businesses to apply for low-interest disaster loans to help fund your recovery and to ensure the federal disaster recovery process continues.  

• Many survivors who register with FEMA will be contacted by the SBA. If you are, you need to advise SBA how you will be submitting your loan application. 
• You can submit your SBA disaster loan applications in one of three ways:  online at https://disasterloan.sba.gov/ela/; in person at a Disaster Recovery Center (DRC); or by mail.
• Do not wait on an insurance settlement before submitting an SBA loan application. You can begin your recovery immediately with a low-interest SBA disaster loan. The loan balance will be reduced by the insurance settlement if you receive one. SBA loans may be available for losses not covered by insurance or other sources.
• You should complete and return the applications as soon as possible. Failure to complete and submit the home disaster loan application may stop the FEMA grant process. Homeowners and renters who submit an SBA application and are not approved for a loan may be considered for certain other FEMA grants and programs that could include assistance for disaster-related car repairs, clothing, household items and other expenses.
• Homeowners may be eligible for these home disaster loans up to $200,000 for primary residence structural repairs or rebuilding.
• SBA may be able to help homeowners and renters replace important personal items. personal property, including automobiles damaged or destroyed in the disaster.

• SBA can help businesses and private nonprofit organizations with up to $2 million to repair or replace disaster-damaged real estate, and other business assets. Eligible small businesses and nonprofits can apply for economic injury disaster loans to help meet working capital needs caused by the disaster.
• SBA has staff at all DRCs to provide one-on-one assistance to homeowners, renters and businesses of all sizes in submitting their application.
• Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster. 
• SBA Business Recovery Centers (BRCs) help businesses get back on their feet from damage they sustained during the storms. The BRCs are a resource where businesses can meet face-to-face with SBA representatives to learn how a low-interest disaster loan can help them recover. The centers are located at: