Borrowing one’s way out of the tornado destruction

Survivors of South Carolina’s April 13 storms can move recovery forward with a
low-interest disaster loan from the U.S. Small Business Administration.
Some survivors who apply for FEMA help may be referred to the SBA. It’s important to return a completed loan application to take advantage of low-interest SBA loans to repair or replace property. FEMA may also consider survivors who return SBA applications for grants help replace furniture, appliances and personal property. Survivors who are waiting for an insurance settlement can get head start with an SBA loan. Once they receive a settlement from their insurance company, they can reduce the balance of the loan.
The SBA is the federal government’s primary source of money for the long-term rebuilding for disaster survivors. Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence. Homeowners and renters may borrow up to $40,000 from SBA to replace personal property. Businesses may borrow up to $2 million for any combination of property damage or economic injury. SBA offers low-interest working capital loans called Economic Injury Disaster Loans to small businesses and most private nonprofit organizations of all sizes having difficulty meeting obligations as a result of the
April 13 storms. Survivors who qualify for an SBA loan are under no obligation to accept it.
Survivors can submit their SBA loan application online at DisasterLoan.SBA.gov/ela.
For more information, applicants may contact SBA’s Disaster Assistance Customer Service Center by calling 800-659-2955 or TTY 800-877-8339, emailing [email protected] or visiting SBA’s website at sba.gov/disaster. Survivors who haven’t yet registered with FEMA can do so by downloading the FEMA app, going online at DisasterAssistance.gov or by calling FEMA’s helpline at 800-621-3362 or TTY 800-462-7585.