Applying for an SBA Loan Can Fetch More FEMA Grant Assistance

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BATON ROUGE, Louisiana – The US Small Business Administration (SBA) Loan Application provides many benefits for disaster survivors who apply for federal assistance. Applicants who are referred to the SBA during the initial FEMA application process are expected to complete an SBA Credit Application. Applying for a loan allows you to get a full range of disaster relief assistance as an option.

SBA referral emails

Applicants are often referred to the SBA after the initial application for federal disaster relief assistance. Applicants are encouraged to complete an application and return it to the SBA to ensure that all available disaster relief options remain open. The SBA application may be the basis for referral to other grant programs. Nobody is obliged to take out a loan.

If you have received an SBA referral, it is important to complete it online and submit it to the SBA by Monday, August 2nd.

Why you should complete an SBA application:

This ends the federal funding process for those who have stopped applying. If you are applying and are not eligible for a low-interest disaster loan, that could open the door for an additional grant from FEMA. If the SBA does not approve a loan – or approves a small loan that does not cover all of your needs – you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage costs, or meet other related needs. with a natural disaster.

There are important reasons for completing and submitting an application to the SBA, even if you think you do not need a loan at this time.

In the next few weeks, you may find that you have not been sufficiently insured for the amount of work required to renovate or replace your home. An SBA low interest disaster loan can cover part or all of the difference. In other words, the SBA can close the gap between your reimbursement costs and the settlement amount.
The SBA offers homeowner loans up to $ 200,000 to repair or replace your primary residence. Loans are tailored to your personal financial circumstances. On an individual basis, the SBA can help you refinance your current mortgage.
The SBA can also help renters and homeowners replace household property and vehicles, called personal property. You can borrow up to the statutory maximum of $ 40,000 to repair or replace clothing, furniture, cars, or appliances that have been damaged or destroyed by the disaster.

Loans are available for businesses and private non-profit organizations for:

Businesses of all sizes and private non-profit organizations – up to $ 2 million set by law to repair or replace real estate, machinery and equipment, inventory and other assets that have been damaged or destroyed.
Small aquaculture businesses and most private non-profit organizations – up to $ 2 million set by law for working capital requirements even if they had no property damage, with a maximum loan of $ 2 million for any combination of property damage and working capital needs …
Economic damage – only to small businesses and most private nonprofits suffering from the adverse financial impact of a natural disaster (with or without loss of property), up to $ 2 million set by law for working capital to help pay liabilities before normal operations resume.

The SBA has established a Business Recovery Center that is open Monday through Friday from 9:00 am to 5:00 pm CST. The center is located at:

Southwest Center for Entrepreneurship and Economic Development (SEED)
Willis Noland Convention Center, third floor
4310 Ryan Street.
Lake Charles, Los Angeles 70605

For additional assistance, the SBA has established a Virtual Disaster Loan Information Center that is open Monday through Friday, 7:00 am to 7:00 pm CST. You can contact an SBA Support Representative by email at FOCWAssistance@sba.gov or call 800-659-2955. The SBA will answer specific questions about how a disaster loan can help everyone with disaster recovery and will provide personalized assistance in completing applications for these loans. You can apply online at https://disasterloanassistance.sba.gov

For the latest information on severe storms, tornadoes and floods on May 17-21, visit www.fema.gov/disaster/4606… Follow FEMA Region 6 on Twitter at www.twitter.com/FEMARegion6



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