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SBA Urges Georgia Tornado Survivors to Return Low-Interest Disaster Loan Applications

Strategic Insights

— 1 min read

Residents of Georgia affected by the recent tornadoes are being encouraged to quickly return completed low-interest disaster loan applications to the U.S. Small Business Administration (SBA) in order to be considered for various forms of assistance. Those who are unable to afford a loan will be referred to the Federal Emergency Management Agency (FEMA) for possible grant funds. The SBA disaster loan program was activated by the Presidential disaster declaration in Georgia, which was triggered by the severe storms and tornadoes that occurred on April 27-28.

Key Takeaways:

  • The SBA is urging Georgia tornado survivors to return completed low-interest disaster loan applications to be considered for all forms of assistance.
  • Survivors who are unable to afford a loan will be referred to FEMA for possible grant funds.
  • The SBA disaster loan program offers interest rates as low as 2.688 percent for up to 30 years.
  • Loan amounts and terms are set by the SBA based on each applicant's financial condition.
  • Residents are encouraged to register with FEMA at 800-621-FEMA (3362) and will be referred to the SBA to see if they qualify for a low-interest disaster loan to replace or repair damaged property.
  • Those who are unable to afford a loan will be referred back to FEMA for grant consideration.
  • The SBA provides disaster loans to homeowners, renters, and businesses of all sizes.
  • Applicants can fill out a loan application online at https://disasterloan.sba.gov/ela/ or by calling the SBA Customer Service Center at 800-659-2955.

Statistics:

  • Interest rates for low-interest disaster loans are as low as 2.688 percent.
  • Loan terms are up to 30 years.
  • The SBA will refer those who are unable to afford a loan to FEMA for consideration of grant funds.
  • The SBA disaster loan program is available to homeowners, renters, and businesses of all sizes.
  • Residents can register with FEMA at 800-621-FEMA (3362) for further assistance.

Sources:

  • SBA Urges Georgia Tornado Survivors to Return Low-Interest Disaster Loan Applications, Release Number: 11-402, GA 12552/12553.

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