Small Business Administration – Disaster Loans

by admin on October 17, 2013

For Homeowners, Renters and business of all sizes:

Did you suffer property loss in the Colorado flooding and storms in September?  

U. S. Small Business Administration low interest rate, federal disaster loans are available.

For uninsured or under-insured losses

The deadline to apply for a low-interest SBA property damage disaster loan is NOV 14, 2013.

William Koontz, spokesman for the U. S. Small Business Administration (SBA) disaster loan program said, “SBA Disaster Operations REMAIN OPEN.  I recommend that you contact SBA now.  Don’t miss the November 14, 2013 deadline to apply for help. ”

  US Small Business Fact Sheet - Disaster Loans (99.2 KiB, 285 hits)

There is no cost to apply.  It takes just minutes to complete an application.

“In just a few weeks, I don’t want to tell someone they’ve waited too late to apply for help from SBA,” Koontz continued.  “Some folks may be thinking, ‘I have enough insurance … cash on hand … I can handle starting over without a loan’… but by December – January – February, they may find they are short on dollars to rebuild their home, replace their personal property, replace their flood-damaged automobile, restore their business.  Apply with SBA today and preserve your option to have extra months … beyond the application deadline … to decide whether you actually need help from SBA.”

How to preserve your options beyond the application deadline:

  • Apply by the November 14 application deadline.  If later you withdraw your request, SBA will offer 6 months to change your mind and reactivate your approved loan.
  • When you are approved, there is no obligation to use the loan.  You may choose to use just a portion of the amount approved.
  •  Months from now, your recovery may cost more than you expected, or you may receive less insurance proceeds than you expected.
  • SBA can loan the amount of your insurance deductible.
  • SBA can loan the cost of repairs your insurance doesn’t cover.
  •  SBA can loan you for the cost to comply with current building code requirements – which your insurance doesn’t cover.
  • SBA can loan for damages from sewer backups or any kind of flood damage.
  • A low-interest rate SBA loan offers a significantly lower rate than using your credit card.Do you believe you can’t afford a loan?  Apply, and if SBA cannot approve your loan, you will be likely referred back to FEMA to be considered for FEMA’s Other Needs Assistance grant program.

    Questions?  It’s easy to get answers – call SBA at 800-659-2955 or visit any Disaster Recovery Center.  You don’t need an appointment.  Call SBA at 800-659-2955 to find the Disaster Recovery Center nearest you.

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