Return SBA Loan Application to Hasten Disaster Assistance
Release Date: July 17, 2008
Release Number: 1771-023
» More Information on Illinois Severe Storms and Flooding
SPRINGFIELD, Ill. -- For individuals who experienced losses in the June 1 and continuing severe storms and flooding, there are two important steps to be considered for federal help:
First, apply with the Federal Emergency Management Agency, which can provide rental assistance or home repair funds for people whose homes or apartments were damaged by the storms. To apply, simply call FEMA toll-free at 1-800-621-FEMA (3362), daily, between 6 a.m. and 11 p.m. The hearing- or speech-impaired should call TTY 1-800-462-7585. Applicants also may apply online at www.fema.gov.
After applying with FEMA, if you receive a U.S. Small Business Administration (SBA) disaster loan application, complete and return it as soon as possible.
Filling out an SBA disaster loan application does not guarantee that an applicant will be approved for a loan, nor does it mean they must accept a loan if they are approved.
The SBA can provide low-interest disaster loans as low as 2.687 percent to help people repair or replace their damaged property. Additional FEMA assistance grants may be available to homeowners and renters who do not qualify for an SBA disaster loan.
SBA loans are not just for businesses. Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Businesses of any size and private non-profit organizations may borrow up to $2.0 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
The SBA offers Economic Injury Disaster Loans (EIDL) for small businesses to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. Interest rates are as low as 2.687 percent for homeowners and renters, and 4.0 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicants financial condition.
Anyone not able to visit a FEMA/state Disaster Recovery Center should call the SBA Customer Service Center from 7 a.m. to 8 p.m., Monday through Friday, and 8 a.m. to 5 p.m., Saturday and Sunday, at 1-800-659-2955, for information and assistance. Applicants also may visit the SBA Web site at www.sba.gov/services/disasterassistance or by e-mailing disastercustomerservice@sba.gov.
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: Thursday, 17-Jul-2008 08:35:28