To Qualify For Full Assistance, SBA Disaster Loan Application Is Essential
Release Date: October 17, 2008
Release Number: 1794-020
» More Information on Mississippi Hurricane Gustav
LONG BEACH, Miss. -- For individuals located in Adam, Hancock, Harrison, Washington and Wilkinson counties who experienced losses from Hurricane Gustav during the period Aug. 28 to Sept. 8, there are two important steps to qualify for federal and state help:
- Register with the Federal Emergency Management Agency, which can open the door to Individual Assistance for people whose homes and apartments are unlivable. To register, call toll-free 1-800-621-F-E-M-A (3362) or to online to www.fema.gov. Hearing- or speech-impaired individuals should call
1-800-462-7585.
- Applicants, who receive a U.S. Small Business Administration (SBA) disaster loan application, should complete and return it as soon as possible.
The SBA can provide low-interest loans to help people rebuild their lives - and some additional FEMA assistance may be available to homeowners and renters who do not qualify for a disaster loan.
FEMA's Other Needs Assistance grants may be available for serious disaster-related needs not covered by insurance or other federal, state or charitable aid programs. This can include funds to help people whose personal property - clothing, furnishings or vehicle, for example - has been damaged or destroyed.
"I encourage everyone who receives an SBA loan application to fill it out," said Mississippi Emergency Management Agency Director Mike Womack. "They may be eligible to receive assistance that can help them put their lives back on track."
Not every FEMA registrant receives a loan application. Homeowners and renters with insufficient income to repay loans go directly into the FEMA system for grants.
Michael L. Parker, the federal official in charge of FEMA's response to Hurricane Gustav's damaging weather, reminds disaster victims that SBA loans are not just for businesses.
"Homeowners and renters may be eligible for an SBA disaster loan. It's also important for people to understand that filling out the SBA disaster loan application can result in FEMA grants for people who do not qualify for loans," Parker said.
SBA offers loans to cover damaged or destroyed real estate not fully compensated by insurance - up to $200,000 for primary residence and up to $40,000 for personal property for homeowners and renters. SBA can lend additional money for mitigation.
SBA also offers business property and working capital loans of up to $2 million for losses not fully compensated by insurance. The SBA disaster loan program offers interest rates as low as 2.875 percent for homeowners and renters and 4 percent for businesses.
To contact the SBA Customer Service Center, call 1-800-659-2955, Monday through Friday, from 7 a.m. to 8 p.m. (local time), and Saturday and Sunday, from 8 a.m. to 8 p.m. SBA information and assistance also may be obtained by visiting www.sba.gov, emailing disastercustomerservice@sba.gov or visit SBA's secure web site at disasterloan.sba.gov/ela/ to apply online for disaster loans.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
Last Modified: Friday, 17-Oct-2008 10:51:27