Facebook LIVE Overview and Q&A - TOPIC: Hurricane Sally Recovery

• Residents with damage should first register with FEMA at disasterassistance.gov (short-term grants) and then apply to SBA for a disaster loan at disasterloan.sba.gov.
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• Those whose loan applications are denied by SBA are referred back to FEMA for potential additional grant consideration.
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• If approved for a loan, an applicant is under no obligation to accept it.
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• They can turn it down now, and still “reactivate” their application for up to 6 months from the date of their determination letter.
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• An SBA loan is one tool in a person’s recovery toolkit as they consider all their options.

 

It’s important to know that low-interest federal disaster loans are for HOMEOWNERS AND RENTERS, plus businesses of all sizes, non-profit organizations, faith-based organizations, small aquaculture businesses, and small agricultural cooperatives impacted by Hurricane Sally.

All can apply for their uncompensated losses – i.e. their insurance wasn’t enough to complete their repairs or they didn’t have insurance

 

• Individuals do not have to wait for their insurance settlement to apply for a loan. They can get money from SBA to start their repairs and then assign their insurance settlement to pay down their loan.
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• It’s free to apply and the interest rates are very low. Please see the attached information for details.
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• SBA disaster loans cover things insurance often does not, such as debris removal, decks, fencing, sheds, etc.
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• Terms are up to 30 years to make the payments affordable, and no collateral is required for loans of $25,000 or less.
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• There is no pre-payment penalty.