What the programme is about
The U.S. Small Business Administration (SBA) is in charge of giving homeowners and renters in a declared disaster area financial help that is affordable, quick, and easy to get. For losses that aren’t fully covered by insurance or other recoveries, people can get help in the form of long-term loans with low-interest rates.
Homeowners can ask for up to $200,000 to fix or replace their main home to the way it was before the disaster. The loan can’t be used to fix up the house or add on to it unless the building authority or code says so. In some cases, the SBA may be able to refinance all or part of a previous mortgage (but not more than $200,000) if the applicant does not have access to credit elsewhere, has suffered major disaster damage that is not covered by insurance, and plans to fix the damage.
When the SBA looks at an application, it thinks about refinancing. Loans can also be increased by up to 20% of the verified losses, but not more than $200,000, to protect damaged real estate from the same type of disaster happening again. Home disaster loans are not available for second homes or vacation homes. However, qualified rental properties may be eligible for help through the business disaster loan program.
Renters and homeowners can both borrow up to $40,000 to replace things like clothes, furniture, appliances, cars, etc. that have been damaged or lost. As a general rule, personal property is everything that is not land or a part of the building itself. You can’t use this loan to replace things that are very expensive or can’t be replaced, like antiques, collections, pleasure boats, recreational vehicles, fur coats, etc.
Homeowners and renters can get help from this program if they have physical damage and live in a county that has been declared a disaster area.
Getting an application
You can use the SBA’s secure Disaster Loan Assistance website to apply for help with a loan at any time. You can also send your completed forms to:
Send completed applications to Processing and Disbursement Center 14925 Kingsport Road Fort Worth, Texas 76155
People who have been affected by a disaster can also apply in person at any FEMA-State Disaster Recovery Center or SBA Disaster Loan Outreach Center and get help from an SBA representative. Call our Customer Service Center at 1-800-659-2955 or send an email to DisasterCustomerService@sba.gov to find a place near you or get help applying by mail.
Homeowners and renters who want help after the President declares a disaster must first sign up with FEMA. They can do this online at www.disasterassistance.gov or by calling 1-800-621-3362.
Disaster survivors must repay SBA disaster loans. SBA can only give loans to people who have a good chance of being able to pay back the loan and other bills with the money they earn. The terms of each loan are based on how much each borrower can afford to pay back. The law gives SBA a lot of powerful tools to make disaster loans affordable, like low fixed interest rates, long terms (up to 30 years), and refinancing of prior real estate liens (in some cases). As required by law, the SBA decides the interest rate for each loan based on whether the applicant can borrow money or use their own money to get through the disaster.
Homeowners can get up to $200,000 from the SBA to fix up or replace their main home. Renters and homeowners can get up to $40,000 to help fix or replace their personal property. SBA does not charge any fees upfront or early payment penalties.
How to get in touch
For more information about the program or questions on how to apply, please visit:
Or contact the program at:
|Max Loan Length||30 years|
|Max Loan Amount||$200,000 for real estate, $40,000 for personal property|
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