SBA (Small Business Administration) Disaster Assistance Loans Are Key to Disaster Recovery

SBA (Small Business Administration) Disaster Assistance Loans Are Key to Disaster Recovery

RALEIGH, NC (Raleigh, NC) – If you are a disaster victim in North Carolina and you applied for assistance with FEMA and were submitted to the US Small Business Administration (SBA), complete the low-interest disaster loan application Very important.

In addition to insurance, the SBA low-interest disaster loan is a major source of funding for real estate property repairs and the replacement of items destroyed during Hurricane Florence.

Many victims registered with FEMA (Federal Emergency Management Agency) are referred to SBA (Small Business Administration). If the SBA (Small Business Administration) determines that you are eligible for a loan, you are not required to take it, but you should complete your loan application as soon as possible to maintain your option.

Don’t put off submitting an SBA loan application waiting for your insurance settlement results. Your insurance settlement may be less than satisfactory, which means it may not fully cover your losses. You may find that insurance coverage is insufficient to fully cover the labor and materials you need to repair or replace your home. You can make up the difference by applying for an SBA (Small Business Administration) low-interest disaster loan.

By law, neither FEMA (Federal Emergency Management Agency) nor SBA (Small Business Administration) can duplicate claims for various insurance settlements and other benefits that have already been claimed. 

Homeowners and renters who submit an SBA (Small Business Administration) application but are not approved for a loan may consider applying for certain other FEMA grants under Other Needs Assistance (ONA).

  • Other examples of assistance that do not depend on completing an SBA (Small Business Administration) application include:
    • Medical and dental expenses.
    • Funeral expenses.
    • Childcare assistance.
  • Examples of other assistance requiring an SBA (Small Business Administration) loan application include:
    • Replacement of personal property.
    • Moving and storage costs.
    • Financial assistance for vehicle repair or replacement costs caused by a disaster.

Submit your SBA (Small Business Administration) disaster loan application online at any disaster recovery center.

To find the locations and hours of operation of each Disaster Recovery Center. Representatives from the SBA (Small Business Administration), as well as representatives from North Carolina, FEMA, and other related organizations, are at the center. They will explain the assistance programs you can apply for and help victims connect to the resources that best match their recovery needs.

All disaster recovery centers are also easily accessible to persons with disabilities. The centers are equipped with assistive technology equipment such as amplified telephones and hearing devices for the hearing impaired and magnifying glasses for the visually impaired. Video remote interpreting services are also available. You can also call or text (202-655-8824) for an on-site American Sign Language (ASL) interpreter. The centers also have accessible parking, ramps, and restrooms.

A video using American Sign Language explains how to apply for an SBA (Small Business Administration) low-interest loan. 

Homeowners may be eligible for an SBA (Small Business Administration) Home Disaster Loan of up to $200,000 for major residential structural repair or reconstruction.

An SBA (Small Business Administration) loan can help you repair your flooded basement. FEMA (Federal Emergency Management Agency) assistance with homeowners repairing basement flood-damaged real estate is limited to items that support the overall function of the home (such as the stove, water heater, or pump).

The SBA (Small Business Administration) can pay up to $40,000 to help homeowners and renters replace important personal property, including cars damaged or destroyed in a disaster.

The SBA (Small Business Administration) can help businesses and private nonprofits receive up to $2 million in compensation to repair or replace disaster-struck real estate and other business assets. Eligible small businesses and nonprofits can apply for Economic Injury Disaster Loans to help meet working capital needs caused by disasters.

For disaster mitigation purposes, as verified by the SBA (Small Business Administration), you may be eligible for a loan amount of up to 20% of actual material damage. Eligible mitigation improvements may include safe houses or storm shelters to help protect property and occupants from future damage from similar hazards.

FEMA’s grants for temporary housing assistance and public transportation expenses, medical and dental expenses, and funeral expenses do not require aggrieved individuals to apply for an SBA (Small Business Administration) loan. However, applicants who accept the SBA (Small Business Administration) loan application form must apply to an SBA (Small Business Administration) loan officer to be eligible for payment that includes expenses such as personal property, vehicle repair or replacement, and moving and storage. grant.

By Master James

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