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HELPFUL TIP for individuals impacted by May 2010 Flood: The SBA Loans are for individuals too.
June 29, 2010Here’s the Helpful Tip!
- Individuals have to apply for an SBA Loan to be eligible for potential additional FEMA dollars.
- You can decline the loan if approved so that you are still eligible for other assistance.
- Please share this with your friends, family and colleagues.
- Deadline for SBA Loans for businesses and individuals is Thursday, August 5, 2010.
United Way of Metropolitan Nashville is helping to raise awareness and communicate this information with United Way’s network of corporate and nonprofit partners, along with our volunteers, advocates and donors. Please share this with your friends, family, and colleagues.
SBA helps flood victims who are individuals and households, not just small businesses. Many flood victims have not applied for all the assistance which may be available to them. If flood victims received less than the $29,900 maximum from FEMA assistance, they might be eligible for additional help if they had significant damages in excess of that amount. Flood victims should apply for an SBA loan, even if they are not a small business and even if they do not want a loan - by Thursday, August 5, 2010.
Can I apply for a loan from the SBA if I’m an individual, and not a business owner?
Yes. In addition to businesses, renters and homeowners may be eligible for low-interest disaster loans based on the type and extent of uninsured or underinsured losses.
I don’t want a loan. Do I still need to fill out the SBA application?
Yes. You are not obligated to accept a loan if you don’t want one. If you don’t apply you may miss out on federal grants or other assistance.
Several thousand SBA applications have been distributed to flood victims but very few have been submitted. If the SBA applications are not postmarked by August 5, flood victims are not eligible for SBA loans, other grants, and for some longer term supportive services. If flood victims have difficulty completing the application, they should fill it out as well as they can and send it to SBA which will contact them if they need additional information.
For assistance with your SBA loan application:
Call: 1-800-659-2955 / 1-800-877-8339 (TTY)
Visit www.sba.gov/services/disasterassistance
Email: .(JavaScript must be enabled to view this email address)
For additional information and online resources: www.nashvillerecovery.com
