SBA extended the deadline to apply for disaster recovery loans to December 17, 2018. Designed to cover uninsured or uncompensated losses, SBA loans help survivors return to their status prior to the disaster. As of December 11, 2018, SBA has approved $428,567,900 in Florida, including $299,651,400 for Bay County survivors.
- Submitting an SBA disaster loan application is an essential part of the recovery process. Homeowners, renters and non-profits unable to qualify for an SBA loan are referred to FEMA for consideration of additional grant assistance.
- Disaster survivors don’t have to wait for their insurance claim settlement before applying.
- Applying does not negatively impact credit, interest rates are substantially low with no closing costs and flexible payment terms include a deferment option up to 11 months
- Loan types include:
- Business Physical Disaster Loans up to $2,000,000 at interest rates as low as 3.675%
- Economic Injury Disaster Loans up to $2,000,000 with interest as low as 2.5% and
- Home Disaster Loans up to $40,000 for homeowners and renters to repair or replace personal property, including cars. Homeowners may also apply for up to $200,000 for real estate. Interest rates are as low as 2.0%.
Apply either 1) online at SBA’s secure website DisasterLoan.sba.gov, 2) in-person at a recovery center or 3) by mail. Details on recovery center locations and the loan application process can be obtained by calling SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by e-mailing email@example.com. Survivors may register for federal assistance online at DisasterAssistance.gov or by calling FEMA at 800-621-3362.
For more information, download the press release and fact sheet below.