Floridians Urged To Complete SBA Application
Release Date: November 1, 2004
Release Number: 1539-248
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ORLANDO, Fla. -- Floridians who have received U.S. Small Business Administration (SBA) loan applications for disaster assistance are encouraged to complete and return them promptly.
The applications are sent to individuals who may qualify for disaster aid from the recent hurricanes after registering with the Federal Emergency Management Agency (FEMA) by phone at 1-800-621-3362 (FEMA) or online at www.fema.gov.
More than 717,400 loan applications have been sent to individuals who registered with FEMA, with just 12 percent - 88,900 - being returned to the SBA.
"First, once you see how affordable the terms of the loan are, you may decide it's your best choice to fund your uncompensated disaster losses," said Bill Carwile, federal coordinating officer. "Second, if you're declined, it may make you eligible for additional grant programs."
SBA loans are the primary source of federal long-term recovery and cover uninsured or underinsured losses for personal property damages and real estate damages. The loans are offered to individuals and businesses with an ability to repay them. Individuals who do not meet the loan repayment requirements may be offered some additional grants. However, completing the SBA application is necessary before other grants can be considered.
"Floridians who need to repair damages to their homes and businesses should return a completed application immediately," said Craig Fugate, state coordinating officer for the State Emergency Response Team (SERT). "The sooner you return the application, the sooner your aid can be forthcoming."
SBA low-interest disaster loans are available to qualified renters, homeowners, landlords, businesses owners, and non-profit organizations that suffered damage or loss due to the disaster. Interest rates can be as low as 3.187 percent for homeowners and renters, and 2.900 percent for businesses and non-profits. Loan terms on all loans can be as long as 30 years. Actual loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
More than $275.4 million has been approved for qualified homeowners and renters, and $79.4 million for businesses who received damage from the recent hurricanes.
The application can take as little as 30 minutes to complete. Those who need help with the loan application or information should visit an SBA representative at a Disaster Recovery Center. Information also can be found by calling the SBA Helpline at 1-800-359-2227 or visiting www.sba.gov/disaster.
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 Citizen Corps, the National Flood Insurance Program and the U.S. Fire Administration.
Last Modified: Monday, 01-Nov-2004 15:37:46