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September 27, 2011 Joint Field Office: Neptune, NJ Recovery News SUBMIT YOUR SBA DISASTER LOAN APPLICATION ONLINE The electronic loan application contains a feature that automatically checks errors and prompts you when more information is needed. “Filing online insures a quicker decision and a speedier recovery,” said James Rivera, associate administrator for SBA’s Office of Disaster Assistance. SBA disaster loans are the primary source of funds to pay for repair or replacement costs not fully covered by insurance. Meanwhile, don’t wait for an insurance settlement – apply for assistance as soon as possible. Homeowners and renters should complete the SBA disaster loan application even if they are not sure they will need or want a loan. “If that’s the case, we may refer you to FEMA’s grant program for possible additional assistance,” said Rivera. SBA disaster loans of as much as $200,000 are available to homeowners to repair/replace real estate. Homeowners and renters are eligible for as much as $40,000 from SBA to repair/replace personal property. Businesses of any size may borrow as much as $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. For small businesses and most private nonprofit organizations having difficulties meeting operating expenses because of the disaster, SBA offers Economic Injury Disaster Loans of as much as $2 million. Interest rates are as low as 2.5 percent for homeowners and renters, 3 percent for nonprofit organizations and 4 percent for businesses, with up to 30-year repayment terms. Thus far, SBA has approved more than $10 million in New Jersey home and business loans directly related to the Hurricane Irene disaster. For more information about SBA disaster assistance, call the Customer Service Center at 800-659-2955 or send an email to disastercustomerservice@sba.gov. You also can visit the website at www.sba.gov. Those with access or functional needs may call TTY 800-877-8339. The filing deadline to return applications for physical property damage is October 31, 2011. The deadline for Economic Injury Disaster Loan applications is May 31, 2012. # # # FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards. Follow FEMA online at http://blog.fema.gov, www.twitter.com/fema, www.facebook.com/fema, and www.youtube.com/fema. Also, follow FEMA Administrator Craig Fugate’s activities at www.twitter.com/craigatfema. SBA provides low-interest, long-term disaster loans to homeowners, renters and businesses of all sizes and private nonprofit organizations.
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