Despite its name, the U.S. Small Business Administration actually makes most of its low interest disaster loans to homeowners and renters.
The first step is to get registered with FEMA, since they coordinate the program. If you’re referred to the SBA for assistance, the most convenient and quickest way to apply is online at www.sba.gov. You can also visit a FEMA Disaster Recovery Center or mail in an application.
Individuals can qualify for:
- Up to $200,000 for structural damage
- Up to $40,000 for personal property for homeowners and renters
If you get approved, it’s up to you if you want to take it. If you aren’t approved, you are referred back to FEMA.
For more information, call the SBA at 1-800-659-2955.