SBA Applications Are For Both Individuals And Business Owners  

Release Date: November 30, 2003
Release Number: 1500-16

» More Information on West Virginia Severe Storms, Flooding, and Landslides

CHARLESTON, W. Va. -- Following the recent severe November storms, many residents who applied for disaster assistance found they were issued a U. S. Small Business Administration (SBA) loan application although they were not business owners.

“It is important that you complete this application if you need financial assistance,” said Federal Coordinating Officer Michael Bolch. “The SBA loan is an important source of recovery funds. If you do not qualify for a loan, you may be considered for an award from our Other Needs Assistance program.”

The SBA can provide loans to homeowners and renters, as well as businesses, to help pay for the repair or replacement of disaster losses. These loans are at low interest rates and long terms that make the loans affordable for almost any budget. The SBA can loan up to $200,000 to repair homes and up to $40,000 to replace disaster-damaged personal property. A maximum loan of $1.5 million is available for businesses.

To receive either a loan or a grant, however, you must complete and return the SBA loan application if you received one. Those who have not yet registered may apply for assistance by calling the FEMA teleregistration number, 1-800-621-FEMA (3362), or TTY 1-800-462-7585 for the speech or hearing impaired. The teleregistration lines are open daily from 8 a.m. to 6 p.m. Help is available at Disaster Recovery Centers for those who need assistance in completing the SBA loan packet information.

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: Monday, 01-Dec-2003 08:28:36