One Application Is All Thats Needed
Release Date: October 13, 2004
Release Number: 1539-193
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ORLANDO, Fla. -- Homeowners, renters and business owners in all 67 Florida counties who sustained damage from Hurricanes Charley, Frances, Ivan and Jeanne may be eligible for low-interest loans from the U. S. Small Business Administration (SBA).
Only one SBA loan application is necessary regardless of how many storms affected you. If, for example, a storm victim sustained damage from Hurricane Charley, Hurricane Frances, or both, and then suffered further damage from Hurricane Jeanne, the SBA will take into account the cumulative damage from the multiple disasters even though the disaster victim is applying for an SBA loan for the first time. If, however, a disaster victim has already applied for an SBA loan based on damage from an earlier storm, the SBA should be called again and advised of the additional damage sustained from a subsequent storm.
The SBA will re-verify the disaster victim’s total damage and will consider an increase in the loan amount to fully meet all repair or replacement needs.
Many disaster victims who call FEMA’s registration line—1-800-621-FEMA (3362) or 1-800-462-7585 for the hearing and speech impaired—to apply for disaster assistance will receive an SBA loan application within seven to ten days after making the call. When an applicant receives a loan application from the SBA, it is important to take the time to fill it out, even if the applicant does not want a loan. No one has to take a loan.
If the SBA does not offer a loan, the applicant is then automatically referred to other available disaster assistance programs for which they may be eligible.
Federal and state disaster grants cover only basic needs and will not normally compensate storm victims for their entire loss. If the applicant has insurance, the government may help pay for basic needs not covered under an insurance policy. Some disaster aid does not have to be paid back, while other forms of help, especially for major repairs or replacement of destroyed property, may come in the form of low-interest loans from SBA.
SBA low-interest loans are available to residents and business owners of all sizes. Interest rates can be as low as 3.187 percent for homeowners and renters and 2.9 percent for businesses. Actual loan amounts and terms are set by the SBA and are based on each applicant’s needs and financial condition.
The State Emergency Response Team is a collaboration of state agencies led by the state coordinating officer. SERT’s mission is to ensure that Florida is prepared to respond to emergencies, recover from them, and mitigate their impact. For the latest information on the hurricane relief effort, visit http://www.floridadisaster.org.
On March 1, 2003, FEMA became part of the U.S. Department of Homeland Security. FEMA's continuing mission within the new department is to lead the effort to prepare the nation for all hazards and effectively manage federal response and recovery efforts following any national incident. FEMA also initiates proactive mitigation activities, trains first responders, and manages the National Flood Insurance Program and the U.S. Fire Administration.
Last Modified: Wednesday, 13-Oct-2004 16:02:58