Do not Wait for Your Insurance Settlement; Apply now for SBA Disaster Assistance

ATLANTA, Sept. 19, 2011 /PRNewswire-USNewswire/ -- Disaster survivors should not wait to settle with their insurance company before applying for disaster loan assistance.  The SBA encourages homeowners, renters and businesses in Connecticut impacted by Tropical Storm Irene that occurred from Aug. 27 through Sept. 1, 2011 to return their completed applications to the nearest Disaster Recovery Center, even if they have not settled with their insurance company.

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If a survivor does not know how much of their loss will be covered by insurance or other sources, 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 SBA loan.  Applicants are under no obligation to accept a loan if approved.

"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. SBA's Customer Service Representatives are available at the Disaster Recovery Centers to assist people with completing their applications.

Survivors who receive SBA disaster home loan applications should submit them 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.  "I encourage anyone who has not completed their disaster loan application to meet with one of the Customer Service Representatives at one of the Centers located throughout the disaster area for one-on-one assistance," Skaggs added.

Interest rates are as low as 2.500 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing. Additional information on the SBA loan application process and the locations of Disaster Recovery Centers can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  

Those affected by this disaster may fill out a loan application online by visiting SBA's website at https://disasterloan.sba.gov/ela/.  

The deadline to return SBA applications for physical property damage is November 3, 2011.   The deadline to return applications for economic injury is June 4, 2012.

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

Contact: Michael Lampton
Phone:  404-331-0333      

SOURCE U.S. Small Business Administration

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