SBA Disaster Loan Application is Win-Win Situation—Apply Before Win-Window Closes

Clinton, Miss. – Disaster recovery officials are concerned that many homeowners and renters with Hurricane Isaac losses could miss out on valuable grants and low-interest loans by not returning completed applications to the U.S. Small Business Administration.

“This is a win-win situation for everybody who received a disaster loan application from the SBA, even if they’re leaning away from a loan,” said Mississippi Emergency Management Director Robert Latham. “If the SBA is not able to approve your home loan application, you could be referred back to FEMA for a possible grant. And if you qualify for a loan, there is no obligation to take it.” 

Many disaster survivors receive loan applications from the SBA after registering with FEMA for help. Loan applications are also available from disasterloan.sba.gov/ela/. Property damage loan applications must be returned to the SBA no later than Oct. 31, 2012.

Business owners, although not eligible for grants, can apply for low-interest SBA disaster loans to cover uninsured losses to business assets such as real estate, machinery, equipment, inventory and more. 

Small businesses can also qualify for economic injury disaster loans. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. 

SBA representatives are at each of the MEMA/FEMA Disaster Recovery Centers and SBA Business Recovery centers to provide information about disaster loans and offer assistance filing disaster loan applications. To locate a center or learn more about SBA disaster loans, call 800-659-2955,
(TTY) 800-877-8339 for the deaf and hard-of-hearing or send an e-mail to DisasterCustomerService@sba.gov.

To start all forms of disaster assistance, visit DisasterAssistance.gov, m.fema.gov or call 800-621-3362.

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.