
Fill Out Your SBA Loan Application or You Could be Leaving Money on the Table
RALEIGH --ย PRESS RELEASE North Carolina Department of Public Safety
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FEMA
November 26, 2018
Raleigh
If youโre a North Carolinian who suffered damage or loss from Hurricane Florence and were referred to the U.S. Small Business Administration, you donโt have to apply for a loan, but you could be leaving money on the table if you donโt.
FEMA housing assistance is not affected, but you could lose some FEMA grants if you donโt complete and submit the SBAโs loan application.
Other Needs Assistance grants may cover uninsured losses for furniture, appliances and other personal property, even vehicles. You will not be considered for this type of assistance unless you complete and return the SBA loan application.
The information on the SBA application is used to determine eligibility for additional assistance from FEMA, so you should complete the SBA loan application even if you donโt want a loan.
Some types of Other Needs Assistanceโmedical, dental and funeral expensesโare not SBA dependent and completing the loan application is not required. However, itโs always a good idea.
Thatโs because if you qualify for an SBA loan, you donโt have to accept it. But if you are approved and donโt take the loan, you may be ineligible for federal assistance pertaining to furniture, appliances, other personal property and vehicles.
The SBA is the federal governmentโs primary source of money for the long-term rebuilding of disaster-damaged private property, offering low-interest disaster assistance loans to businesses of all sizes, private nonprofit organizations, homeowners and renters.
Submit an SBA loan application even if you are waiting for an insurance settlement. You may be able to begin your recovery immediately with a low-interest SBA disaster loan. The loan balance will be reduced by the settlement from your insurance. SBA loans may also be available for losses not covered by insurance.
If youโre a homeowner you can borrow up to $200,000 from SBA to repair or replace your primary residence. Homeowners and renters can borrow up to $40,000 from the SBA to replace personal property.
Businesses may borrow up to $2 million for any combination of property damage or economic injury. SBA offers low-interest working capital loans (called Economic Injury Disaster Loans) to small businesses and most private nonprofit organizations of all sizes having difficulty meeting obligations as a result of the disaster.
Additional details on the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov. For more disaster assistance information visit SBA Disaster Assistance.
For more information on North Carolinaโs recovery from Hurricane Florence, visit NC Department of Public Safety Hurrican Florence Information and FEMA Hurricane Florence Information. Follow us on Twitter: @NCEmergency and @FEMARegion4.
This press release is related to:
Emergency Management Hurricane Florence
Contact Information
FEMA News Desk
256-454-3863