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SBA Disaster Loan Important for Homeowners and Renters

Of the more than 161,000 low-interest U. S. Small Business Administration disaster loan applications sent to New York’s Hurricane Sandy survivors, fewer than 34,000 have been completed and returned.

SBA loans represent a major source of federal funding for disaster home repair and reconstruction. Applicants are urged to complete and return their applications as soon as possible.Most SBA disaster loans go to individuals and families, and interest rates may be as low as 1.688 percent with terms up to 30 years.

The deadline for New York’s Hurricane Sandy survivors to apply for both FEMA assistance and an SBA loan is Jan. 28, 2013.

Some of the top reasons for submitting an SBA application by the deadline include:

  • Your homeowner insurance settlement falls short. You may find out that you were under-insured for the amount of work it will take to repair or replace your damaged home. An SBA low-interest loan can cover the uninsured costs. By submitting the loan application, you may have loan money available when it is needed most. SBA can approve a loan for the repair or replacement of your home up to $200,000. Once your insurance settles, you may apply those funds to your disaster loan. However, the opportunity for an SBA disaster loan may be lost if you wait past the application deadline.
  • SBA can work with an applicant to shape a loan that fits your personal budget. If you already have a mortgage on the damaged property, SBA specialists can work with you to come up with an affordable low-interest loan package. In some cases, SBA can refinance all or part of an existing mortgage when the applicant has sustained significant damage to their house.
  • SBA can help renters replace their essential items. Renters, as well as homeowners, may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster.
  • By submitting your SBA loan application, you keep the full range of disaster assistance available as an option. If SBA does not approve a loan for you – or approves a small loan that doesn’t cover all of your needs – you may be referred to other programs that can provide grants to replace essential household items, replace or repair a damaged vehicle or cover storage expenses, among other serious disaster-related needs. But if you do not submit the loan application you received from SBA, the assistance process may stop.

It takes less than 30 minutes to fill out an application. A simple, fast, and very available way to complete the application is online, using the SBA’s electronic loan application. Go to https://DisasterLoan.SBA.gov/ELA. Plus, you can receive an update on the status of your application by calling 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing).

SBA customer service representatives are available to issue or accept low-interest disaster loan applications and answer questions at all New York State/FEMA disaster recovery centers and SBA business recovery centers. To locate the nearest business recovery center, visit www.sba.gov or call 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing).

To find the nearest disaster recovery center, check out the disaster recovery center locator at www.FEMA.gov/disaster-recovery-centers or, with a tablet or smartphone, go to m.fema.gov. You may also text “DRC” and your Zip Code to 43362 (4FEMA). For example, if you lived in Staten Island, you would text:  “DRC 10301.” Or call 800-621-3362 (TTY 800-462-7585).

More information is available by calling the SBA Disaster Customer Service Center toll-free number, 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing). Assistance is also available by sending an email to [email protected] or by visiting www.sba.gov.

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About Posted by Susan Bainbridge

At age 6, Susan was destined to be a journalist and photographer. In 1980, Susan founded Bainbridge News and The Bainbridge Chronicle Newspaper. Bainbridge News specializes in Military and National Politics, including Military Funerals and Burials and Political Funerals and Burials. Susan has covered the White House, the Pentagon and Capitol Hill. She has covered every president from Ronald Reagan to Barack Obama. Recognized for her versatility, Susan has also covered finance, crime, civil rights events, marches, sports, musical events and more. In 1990, she established Bainbridge Photography, an On-Location photography company. In addition to military and political events, including Military and Political funerals and burials, Bainbridge Photography expanded into covering ALL funerals and burials, receptions, weddings, real estate, inventory, insurance, portrait, head shot, pets, fire and Hazmat. Miss Bainbridge believes in going the extra mile. "My Clients always come first." In 1980, Susan began her career in Washington, D.C., working for WMZQ Radio as a reporter and guest hostess from 1980 to 1985. Intrigued by radio, Susan wanted to write, freelancing for radio, television and print newspapers, including AP, The Washington Post, The Washington Times, The Northern Virginia Sun, The Press-Republicanand The Bainbridge Chronicle (established by Susan Bainbridge). In 1986, Susan worked at WDCA-TV Channel 20 as a guest hostess for "Eye On Washington." From 1990 to 1994, Susan reported and anchored for "The Arlington Weekly News." Additionally, she produced a segment for the G. Gordon Liddy Radio Show. A prolific writer, while in high school in 1977, Bainbridge wrote an episode for NBC's "Little House on The Prairie" entitled "Laura's Best Friend." Though the show's producers did not use the script then, NBC producers encouraged Susan to pursue a writing and journalism career. Susan is a member of the National Press Club, the National Press Photographer's Association and the Society of Professional Journalists. Susan Bainbridge's recognitions include from former Presidents Ronald Reagan, George Herbert Walker Bush and Bill Clinton, former First Lady Nancy Reagan, former British Prime Minister Margaret Thatcher, the late actor Lorne Greene, among many others. BAINBRIDGE NEWS was founded in 1980 by Susan Bainbridge (a sixth generation writer), a third generation journalist, a first generation photographer and a fourth generation entrepreneur. She is the first generation to establish a news business. Bainbridge News is dedicated in honor of Miss Bainbridge's late grandfather and idol, Mark S. Watson (The Baltimore Sun editor and war correspondent from 1920 to his death in 1966).

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