Those whose loan applications are denied by SBA are referred back to FEMA for potential additional grant consideration.
If approved for a loan, an applicant is under no obligation to accept it.
They can turn it down now, and still “reactivate” their application for up to 6 months from the date of their determination letter.
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.
It’s free to apply and the interest rates are very low. Please see the attached information for details.
SBA disaster loans cover things insurance often does not, such as debris removal, decks, fencing, sheds, etc.
Terms are up to 30 years to make the payments affordable, and no collateral is required for loans of $25,000 or less.