SBA Disaster Assistance Loan Application: Key to Continuing the Recovery Process

OXFORD, Miss. — If disaster survivors in Mississippi apply for assistance with the Federal Emergency Management Agency and are referred to the U.S. Small Business Administration, it’s important for them to submit an SBA loan application to ensure that the federal disaster recovery process continues.

If you are a homeowner or renter and SBA determines you cannot afford a loan, you may be considered for FEMA’s Other Needs Assistance program. The program helps meet essential needs like medical and dental care, funeral costs and transportation expenses.

Next to insurance, an SBA loan is the primary source of funds for real estate property repairs and replacing lost contents following a disaster. Homeowners may be eligible for low interest loans up to $200,000 for primary residence structural repairs or rebuilding.

When applying for an SBA loan, survivors should start the process as soon as possible:

• Do not wait on an insurance settlement before submitting an SBA loan application. Survivors can begin their recovery immediately with a low-interest SBA disaster loan. The loan balance will be reduced by the insurance settlement. SBA loans may be available for losses not covered by insurance or other sources.

• Survivors 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 offered 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.

• SBA can help renters replace their important personal items. Homeowners and renters may be eligible to borrow up to $40,000 to repair or replace 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.

• Survivors don’t have to accept the loan if they qualify for one. Survivors who don’t qualify could be eligible for more assistance from FEMA and other organizations.

March 4, 2016, is the last day survivors can register with FEMA and apply for an SBA disaster loan for physical damage. Oct. 4, 2016, is the last day a small business or private, nonprofit organization may apply for an economic injury disaster loan.

Survivors can submit their SBA loan applications one of two ways: online at https://DisasterLoan.SBA.gov/ela or by mailing their paper application to:

U.S. Small Business Administration

Processing and Disbursement Center

14925 Kingsport Rd.

Ft. Worth, TX 76155-2243

For additional information about SBA low-interest disaster loans, contact the SBA Disaster Assistance Customer Service Center by calling 800-659-2955 or TTY 800-877-8339, emailing DisasterCustomerService@sba.gov or visiting sba.gov/disaster. 

Survivors who haven’t yet registered with FEMA can do so online at DisasterAssistance.gov or by calling FEMA’s helpline at 800-621-3362, which is video relay service accessible. Survivors who are deaf, hard of hearing or who have difficulty speaking may call TTY 800-462-7585.

For more information on Mississippi disaster recovery, visit www.fema.gov/disaster/4248 and www.msema.org.

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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.

All FEMA disaster assistance will be provided without discrimination on the grounds of race, color, sex (including sexual harassment), religion, national origin, age, disability, limited English proficiency, economic status, or retaliation. If you believe your civil rights are being violated, call 800-621-3362 or 800-462-7585(TTY/TDD).

FEMA’s temporary housing assistance and grants for public transportation expenses, medical and dental expenses, and funeral and burial expenses do not require individuals to apply for an SBA loan. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be eligible for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses.