Disaster Survivors Urged to Apply for SBA Assistance Before Insurance Settlement

ATLANTA, March 16, 2012 /PRNewswire-USNewswire/ -- Disaster survivors should not wait to settle with their insurance company before applying for disaster loan assistance.  The Small Business Administration encourages homeowners, renters and businesses in Indiana impacted by the severe storms, straight line winds and tornadoes that occurred Feb. 29 through March 3, 2012 to return their completed loan applications, even if they have not settled with their insurance company.

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"Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and the survivors may miss the application deadline," said Frank Skaggs, director of SBA Field Operations Center East.  If a survivor does not know how much of their loss will be covered by insurance or other sources, or would like to begin rebuilding and making repairs prior to receiving insurance funds, SBA will consider making a low interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their loan.  

To be considered for all forms of disaster assistance, those affected by the disaster should register with FEMA at 1-800-621-FEMA (3362) or 800-462-7585 (TTY) for the hearing and speech impaired or online at www.disasterassistance.gov.

Survivors who receive a SBA disaster home loan application should submit it as soon as possible to receive consideration for a loan or referral to FEMA for grant assistance that covers personal property, vehicle repair and moving and storage expenses.  SBA Customer Service Representatives are available at the Disaster Recovery Center to issue applications, answer questions and help to complete the loan application.

Jacob Schpok, State Director of the Indiana Small Business Development Center (SBDC) advises that business consultants from the SBDC network are available to assist businesses in completing their SBA disaster loan applications at no cost.  To find the nearest SBDC location visit their website: http://www.isbdc.org/locations/

Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.

For information about the Disaster Recovery Center, the SBA Disaster Loan Program, to apply online, or obtain business application forms visit www.sba.gov, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the hearing-impaired) or send an email to [email protected].  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to return SBA applications for physical property damage is May 8, 2012.   The deadline to return applications for economic injury is December 10, 2012.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.

Contact: Mark Ihenacho
Phone: 404-331-0333

SOURCE U.S. Small Business Administration

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