MONTGOMERY, Ala. – Alabama residents who have applied for FEMA disaster assistance and do not complete a U.S. Small Business Administration loan application could be throwing money away.
The U.S. Small Business Administration (SBA) offers affordable financial help to homeowners and renters in Baldwin, Escambia and Mobile counties affected by Hurricane Sally. You don’t need to own a business to request assistance.
SBA provides help in the form of low-interest, long-term loans for losses not fully covered by insurance or other means. If you are approved for an SBA loan, you do not have to accept it.
You may borrow up to $200,000 to repair or replace your primary home to its pre-disaster condition, but you cannot use the loan to upgrade or add on to the home unless required by building code.
Second homes and vacation properties are not eligible, although certain rental properties may qualify for an SBA business disaster loan.
Homeowners and renters may also be able to borrow up to $40,000 to replace damaged or destroyed personal property, such as clothing, furniture, appliances or cars.
First, you must apply with FEMA for federal disaster assistance:
- By calling the FEMA Helpline at 800-621-3362 (TTY 800-462-7585). Multi-lingual operators are available. The toll-free lines are open 6 a.m. to midnight (Central Time) seven days a week. Helpline operators are also available to answer questions about applications already submitted.
After you have registered with FEMA, you can apply for an SBA disaster loan online using the SBA’s Disaster Loan Application. You can also mail your application to SBA: Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
For the latest information on Hurricane Sally, visit https://www.fema.gov/disaster/4563