Western Iowa — If you sustained damage from the severe storms and flooding in western Iowa that began March 12, the U.S. Small Business Administration (SBA) says you should be sure to consider applying for a low-interest disaster loan from the SBA.
They tell us that disaster survivors who register for assistance with FEMA may be eligible for grants to help pay for renting a place to live until their house can be repaired, to pay for minor structural repairs, replace essential personal property and/or pay for serious disaster-related needs not covered by other programs.
But, the SBA says some survivors may have more significant damage and will need a larger amount of money to help with their recovery. For those situations, the SBA says an SBA loan may be the best option.
They say that most FEMA survivors who apply for individual assistance also will be referred to the SBA. If you get an SBA loan application, you must fill it out and return it to maintain eligibility for additional FEMA dollars and/or have access to funding or resources from other entities.
According to SBA officials, if the SBA offers you a loan, you are not required to take any or all of the money. But if you are offered a loan and decline it because you only want a grant, you may exclude yourself from consideration for additional assistance, such as that which is available through FEMA’s Other Needs Assistance program.
SBA disaster loans are not just for businesses of all sizes. Homeowners, renters and private nonprofits can apply as well.
