Help for Renters and Homeowners
What is it? The SBA provides low-interest disaster loans with long-term repayments to qualifying individuals and businesses. If you are in a declared disaster area (the declaration may be either Presidential or a SBA administrative declaration; it is worth checking in with them) and are the victim of a disaster, you may be eligible for a low-interest rate disaster loan from the U.S. Small Business Administration. Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances destroyed during a disaster. Homeowners may apply for up to $200,000 to repair or replace their primary residence to pre-disaster condition.
Who Can Apply? Individuals in a declared disaster area that are the victim of a disaster are eligible to apply. The funds cannot be used for barns, crops, fencing etc; but just for the items described in the summary above. SBA can approve a loan for the total replacement cost up to their lending limits; you do not need to wait for an insurance settlement before applying. Once your insurance settles, if there is a duplication of benefits, we will apply those funds to the balance of your disaster loan.
Are Matching Funds Required?: No
When Can I Expect To Receive My Funds?: The SBA disaster assistance program helps with long-term, low-interest rebuilding and repair of damaged property, unlike immediate emergency relief provided by relief organizations. To make a loan, they must know the repair cost, be assured that you can repay the loan, and take reasonable safeguards to make sure the loan is repaid. The sooner you return the completed loan application, the sooner SBA can process the application. SBA tries to make a decision on each application within 14 days. Make sure the application is complete, since missing information is a major cause of delays.
Contact Phone Number: Disaster Loans: 800-659-2955
Contact Email: disastercustomerservice@sba.gov
Program Website: Visit website