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December 13, 2013

SBA Loans Help Individuals & Businesses on the Road to Recovery

SPRINGFIELD, Ill. — Federal Emergency Management Agency (FEMA) officials, along with partners from the U.S. Small Business Administration (SBA) are encouraging homeowners, renters and businesses to apply for low-interest disaster loans to help fund their losses.

If Illinois residents apply for assistance with FEMA and are referred to the SBA, it’s important for them to submit a loan application to assure that the federal disaster recovery process continues and they keep their options open:

  • Many survivors who register with FEMA will be contacted by the SBA. Survivors can submit their SBA disaster loan applications one of three ways: by mail, in person at a Disaster Recovery Center or online at DisasterLoan.SBA.gov/ela.
  • It is important for survivors to complete and return the application as soon as possible. Filing the loan application does not obligate people to accept an SBA loan and failure to complete and submit an SBA loan application may stop the FEMA grant process. However, homeowners and renters who submit an SBA application and are declined a loan may be considered for certain other FEMA grants and programs that could include assistance for disaster-related car repairs, clothing and household items.
  • Next to insurance, an SBA loan is the primary funding source for real estate property repairs and replacing lost contents following a disaster like a tornado. Homeowners may be eligible for low interest loans up to $200,000 for repairs.
  • SBA can help renters replace their essential items. Homeowners and renters may be eligible to borrow up to $40,000 to repair or replace personal property, including automobiles damaged or destroyed in the disaster.
  • Loans for businesses and private non-profit organizations. Loans are available up to $2 million to repair or replace disaster damaged real estate, and other business assets.  Eligible small businesses and non-profits can apply for Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. 
  • Do not wait on an insurance settlement before returning an application. Insurance may not pay for any or all of the storm-related damage. Survivors can begin their recovery immediately with an SBA disaster loan.  The loan balance will be reduced by their insurance settlement.
     

For additional information about SBA low-interest disaster loans, contact the SBA Disaster Assistance Customer Service Center by calling 800-659-2955 or TTY 800-877-8339, emailing disastercustomerservice@sba.gov or visiting sba.gov/disaster. SBA customer service representatives are available at all disaster recovery centers. Centers can be found online at fema.gov/DRC.

For the latest information on Illinois’ recovery from the Nov. 17 storms, visit FEMA.gov/Disaster/4157. Follow FEMA online at twitter.com/femaregion5, facebook.com/fema and youtube.com/fema. The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards. Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-FEMA (3362). For TTY call 800-462-7585.

SBA provides low-interest, long term disaster loans for homeowners, renters and businesses of all sizes. For more information, visit SBA’s website at www.sba.gov/disaster.