FEMA: SBA Disaster Loan Program

LEXINGTON, KY (LoanSafe.org) — For many Kentuckians recovering from the July storms, flooding and mudslides, completing a disaster loan application is an essential step.




Funds to repair or replace flood-damaged real estate and personal property (including automobiles) may come in the form of low-interest disaster loans from the U.S. Small Business Administration (SBA).



A completed SBA loan application is a critical component to be considered for some financial disaster assistance from the Federal Emergency Management Agency (FEMA). Homeowners and renters who receive SBA loan applications are encouraged to complete and return them to be considered for FEMA assistance that covers personal property, vehicle repair or replacement and moving and storage expenses.

Registering with FEMA is the first step in seeking federal financial disaster assistance. It can be done online at www.DisasterAssistance.gov or by calling 800-621-FEMA (3362) or (TTY) 800-462-7585 for those with speech and hearing disabilities. Registration help is also available in Disaster Recovery Centers.



Homeowners, renters, business and nonprofit organizations of all sizes in Pike County can apply for SBA loans to pay for disaster-related damages. People with home-based businesses or rental property who have been affected by the storms may also be eligible for SBA loans.



Homeowners can borrow up to $200,000 to repair or replace their primary residence. Homeowners and renters can borrow up to $40,000 to replace personal property lost in the disaster.



Business owners can borrow up to $2 million to repair or replace disaster-damaged real estate, machinery and equipment, inventory and other business assets. SBA also provides small business owners Economic Injury Disaster Loans for ongoing business expenses to recover from the economic impact of a disaster. Economic Injury Disaster Loans are available even if the businesses didn’t sustain physical damages.