SBA Loan Forms Are Key To Disaster Recovery Funds
Return Your Loan Application Promptly
Release Date: June 29, 2002
Release Number: 1419-15
» More Information on Minnesota Severe Storms, Flooding and Tornadoes
Moorhead, MN -- Residents and businesses that suffered damage from the recent floods in Northern Minnesota and have called the FEMA teleregistration number (1-800-621-FEMA) may have received a loan application from the U.S. Small Business Administration (SBA).
State and federal officials urge recipients to complete the application and return it promptly. The application is the key for entry to several assistance programs offered by the SBA, FEMA and the State of Minnesota. Don't delay completing and returning the application; it may hamper access to recovery programs.
"These forms are used for both businesses and individuals eligible for disaster-related damage," said Frank Skaggs, Deputy Director for SBA's Atlanta Loan Office. "The longer you take to complete and return the forms, the longer it will take to get any state or federal help you may be eligible to receive."
SBA loans have low interest rates and long payback terms.
"If the SBA determines you can't afford a loan, you may be considered for a grant through the Individual and Family Grant program," said Butler. The Individual and Family Grant Program is partially funded by FEMA and administered by the State. The grants can help those affected by the disaster meet serious disaster-related needs not covered by other programs.
The federal disaster declaration covers the counties of Becker, Beltrami, Clay, Kittson, Koochiching, Lake of the Woods, Mahnomen, Marshall, Norman, Polk, Pennington, Red Lake, and Roseau.
Residents with damage from the June floods should register via FEMA's toll-free number at 1-800-621-FEMA; for the hearing- or speech-impaired, the TDD number is 1-800-462-7585.
Last Modified: Tuesday, 19-Aug-2003 14:39:18