Fill Out an SBA Loan Application or You Could be Leaving Money on the Table

AUSTIN, Texas – Texans who suffered damage or loss from the April flooding and were referred to the U.S. Small Business Administration could lose some income-based FEMA grants if they don’t complete and submit SBA’s loan application.

Other Needs Assistance grants may cover uninsured losses for furniture, appliances and other personal property, even vehicles. Survivors will not be considered for this type of assistance unless they have completed and returned the SBA loan application.  The information on the application is used to determine eligibility for income-based assistance.

Applicants from Austin, Colorado, Fayette, Fort Bend, Grimes, Harris, Liberty, Montgomery, Parker, San Jacinto, Waller and Wharton counties should complete the SBA loan application, even if they don’t want a loan.

“If you don’t complete the SBA loan application, you could be leaving ‘money on the table’ for your recovery,” said Federal Coordinating Officer Kevin Hannes, who is in charge of FEMA’s operations in Texas. “We use that application to check eligibility for additional grants.”

Some types of Other Needs Assistance—medical, dental and funeral expenses—are not SBA dependent and completing the loan application is not required. However, it is always recommended by recovery experts.

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 should start the loan process as soon as possible, and those who qualify for an SBA loan are under no obligation to accept it.  If approved and the loan is not accepted, the survivor may be ineligible for additional federal assistance.

Submit an 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 may also 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.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling 800-659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf or hard‑of‑hearing may call 800-877-8339. For more disaster assistance information or to download applications, visit sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Texans can register online at DisasterAssistance.gov or by phone at 800-621-3362 (FEMA). Persons who are deaf, hard of hearing or have a speech disability and use a TTY, should call 800-462-7585. Those who use 711 or Video Relay Service, call 800-621-3362.Toll-free numbers are open from 7 a.m. to 10 p.m., seven days a week. Multilingual operators are available.

For more information on Texas recovery, visit the disaster webpage for the April storms at fema.gov/disaster/4269; or visit the Texas Division of Emergency Management website at txdps.state.tx.us/dem. Follow us on Twitter @femaregion6.

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FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.