For Many an SBA Disaster Loan is the Key to Recovery
The following is a press release from the Mississippi Emergency Management Agency.
HATTIESBURG, Miss. — If you register with the Federal Emergency Management Agency following the January storms and tornadoes and are referred to the U.S. Small Business Administration, it’s important to submit an SBA disaster loan application to ensure that the federal disaster recovery process continues.
When SBA determines a homeowner or renter cannot afford a loan, they may be considered for FEMA’s other needs assistance program, which provides grants for disaster-related medical and dental care, funeral costs and vehicle repairs. They may also be eligible for assistance from other organizations. If you are referred to SBA, you must apply for the loan to be considered for other needs assistance.
There is no cost to apply for an SBA disaster loan, and you are not required to accept a loan if one is offered.
Next to insurance, SBA is the primary source of funds for real estate property repairs and replacing lost contents following a disaster. Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster. Homeowners may be eligible for low-interest loans up to $200,000 for primary residence structural repairs or rebuilding.
SBA loans are very affordable. For homeowners and renters interest rates are as low as 1.5 percent; for businesses rates are as low as 3.125 percent. Loan terms can be for as long as 30 years, keeping payments as low as possible.
March 27, 2017 is the last day to register with FEMA and apply for SBA disaster loans for physical damage.
Loan applications may be submitted online at https://disasterloan.sba.gov/ela/ or mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243
For additional information, contact the SBA Disaster Assistance Customer Service Center at 800-659-2955 or TTY 800-877-8339 or email DisasterCustomerService@sba.gov.
Register with FEMA online at DisasterAssistance.gov or call the FEMA helpline at 800-621-3362 or TTY 800-877-8339. The toll-free lines are open 7 a.m. to 10 p.m. seven days a week. Multilingual operators are available.
For more information on Mississippi’s tornado recovery, go to fema.gov/disaster/4295 or visit the MEMA site at msema.org. Follow MEMA on Facebook facebook.com/msemaorg and on Twitter @msema.