Reasons to Apply for an SBA Loan
The U.S. Small Business Administration (SBA) has an important responsibility
in helping disaster survivors recover.
If you have experienced damages or loss from the recent disaster
and have registered with FEMA, you may be referred to SBA.
If you are contacted by SBA regarding a low-interest disaster loan application,
it is important to complete and submit the application as soon as possible.
This will make sure your recovery process
moves forward and you have possible options for more help.
Even if you do not believe you need a loan, you should complete and submit the application.
If SBA decides you can get a loan, you are not required to accept the money.
Homeowners and renters who submit an SBA application and have been denied for a loan
may be referred to FEMA and could possibly get other
FEMA grants and program assistance for disaster related car repairs,
clothing, household items and other expenses.
Insurance can help, but it is SBA's, a government agency, responsibility to loan money to help
with long term rebuilding of disaster damaged private property.
SBA offers low-interest disaster loans to businesses of all sizes,
most private nonprofit organizations, homeowners and renters.
A homeowner may be able to get a disaster loan for up to $200,000
to repair or replace disaster damaged private property.
Homeowners or renters may be able to get up to $40,000
to repair or replace disaster damaged personal property.
SBA may be able to help homeowners and renters replace important personal items such as
personal property – including automobiles – damaged or destroyed in the disaster.
SBA also offers low-interest working capital loans (called Economic Injury Disaster Loans)
to small businesses and most private nonprofit organizations
having difficulty paying bills as a result of the disaster.
To apply for an SBA low-interest disaster loan, you can apply online using the
Electronic Loan Application via SBA's secure website at https://disasterloan.sba.gov/ela.
You can also visit a FEMA disaster recovery center (DRC)
and meet with an SBA representative in person.
SBA has staff at all recovery centers to help with your applications.
To locate the nearest center, call the FEMA Helpline at 800-621-3362 (VRS)
(TTY call 800-462-7585),
use the FEMA app for smart phones,
or go online to www.fema.gov/DRC.
For additional details on the locations of recovery centers and the loan application process,
you can call the SBA Customer Service Center at 800-659-2955 (VRS)
(or TTY 800-877-8339)
or send an email to disastercustomerservice@sba.gov.
You may be able to get additional money to help pay for the cost of improvements
that will protect your property from future damage.
Examples of improvements include retaining walls, seawalls, sump pumps, etc.
SBA mitigation loan money would be in addition to what your previously approved
disaster loan amount was, but it may not be more than 20% of the total amount of damage
to your private and personal property that has been verified by SBA.
SBA's approval of any improvement is required before any loan increase can happen.
You should not wait for an insurance settlement before submitting an SBA loan application.
You can begin your recovery immediately with a low-interest SBA disaster loan.
Your SBA loan amount will be lower depending on what amount of money your insurance company
or other sources pay you for your losses.
SBA can help businesses and private nonprofit organizations with up to $2 million
to repair or replace disaster-damaged real estate and other business assets.
Eligible small businesses and nonprofits may apply for economic injury disaster loans
to help meet working capital needs to help pay bills or replace business items lost in the disaster.
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