Federal Disaster Loan Assistance Available to FL Residents impacted by Hurricane Sally - 10/06/2020
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
. 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.
- There is no pre-payment penalty.