Officials Urge Victims To Return Sba Loan Applications
Release Date: October 13, 2005
Release Number: 1604-067
» More Information on Mississippi Hurricane Katrina
JACKSON , Miss. -- Victims of Hurricane Katrina who receive a loan application from the U. S. Small Business Administration (SBA) should take the time to fill it out, even if they don't want a loan, urged disaster recovery officials from the Federal Emergency Management Agency (FEMA) and the Mississippi Emergency Management Agency (MEMA).
Many of the people who call the toll-free FEMA number -- 1-800-621-FEMA (3362) or TTY 1-800-462-7585 to apply for assistance will receive a disaster loan application from the SBA within seven to 10 days of making the call.
"The loan application provides necessary information for determining the appropriate assistance for that applicant. If the SBA decides not to offer a loan, the individual may be referred to other available disaster assistance," William Carwile, FEMA federal coordinating officer, said.
FEMA disaster assistance covers basic needs only and 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 help may come in the form of low-interest disaster loans.
SBA low-interest disaster loans are available to qualified homeowners, renters, landlords, business owners, and non-profit organizations that suffered damage or loss due to the disaster. These low-interest disaster loans are available for physical damage to residences and businesses of all sizes in the 47 declared counties for individual assistance that were affected by Hurricane Katrina.
Interest rates on SBA loans can be as low as 2.687 percent for homeowners and 4.0 percent for businesses. Actual loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Information on SBA loan applications is also available by calling the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 or visiting the SBA Website at www.SBA.gov/disaster .
Anyone needing further assistance with completing and turning in an SBA loan application or who has other disaster-related questions can visit any Disaster Recovery Centers (DRC). All DRCs will be open from 8 a.m. to 6 p.m., Monday through Saturday, and Sundays 1 p.m. to 6 p.m., until further notice.
"We are urging anyone who sustained losses because of the storm to apply for assistance and return the completed loan application as soon as possible," said Robert Latham, director of the Mississippi Emergency Management Agency (MEMA).
People who want to apply for disaster assistance should first call FEMA's toll-free number, 1-800-621-FEMA (3362). Those with speech or hearing impairment can call TTY 1-800-462-7585. Registration lines will be available 24 hours a day, seven days a week until further notice.
Individuals may also register for disaster assistance at the FEMA website at www.fema.gov .
Last Modified: Tuesday, 18-Oct-2005 12:50:15