After Calling To Apply, Return SBA Application
Release Date: July 22, 2003
Release Number: 1475-07
» More Information on Kentucky Severe Storms, Flooding, Mud and Rock Slides, and Tornadoes
Frankfort, KY - May and June storm victims who receive loan applications from the U. S. Small Business Administration (SBA) should take the time to fill them out - even if they don't want a loan, urged disaster recovery officials from the Federal Emergency Management Agency (FEMA) and the Kentucky Division of Emergency Management.
Many of the people who call the toll-free number - 1-800-621-FEMA (3362) - and apply for assistance will receive an SBA loan application within seven to ten days of making the call.
"The loan application provides necessary information for determining the appropriate assistance for that applicant," said State Coordinating Officer Charlie Winter of Kentucky Emergency Management. "If the SBA decides not to offer a loan, the individual is then automatically referred for other available disaster assistance."
Government disaster assistance covers basic needs only and normally will not compensate you for your entire loss. If you have insurance, the government may help pay for basic needs not covered under your insurance policy. Some disaster aid does not have to be paid back, while other forms of help may come in the form of low-interest disaster loans.
These low-interest disaster loans are available to residents and businesses of all sizes in the declared counties that were affected by the severe storms, flooding, mud and rockslides and tornadoes that occurred in May and June. Interest rates on SBA loans can be as low as 2.812 percent for homeowners and 2.953 percent for businesses. Actual loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
"We are urging anyone who sustained losses because of the storms to apply for assistance and mail in the completed loan application as soon as possible," Federal Coordinating Officer Scott Wells said.
He added that personal help with filling out the SBA application is available at the three Disaster Recovery Centers currently operating in Eastern Kentucky.
The locations of the three recovery centers are:
East Carter Middle School
1 Spirit Lane
Grayson, Ky.
Rural Law Enforcement Technology Center
101 Bulldog Lane
Hazard, Ky.Martin Community Center
7199 Ky. Route 80
Martin, Ky.
People who have questions about their application, or who want to apply for disaster assistance, should call FEMA's toll-free number, 1-800-621-FEMA (3362). Those with a speech- or hearing-impairment should call, TTY 1-800-462-7585.
Information on SBA loan applications is also available by calling the SBA Helpline at 1-800-359-2227 or visiting the SBA Website at www.SBA.gov/disaster.
The deadline for completing and returning SBA applications for the May 4-27 storms is Aug. 4. Those who suffered damages June 14-27 have until Sept. 2 to complete and return their applications.
Last Modified: Tuesday, 22-Jul-2003 16:46:13