How-To | Apply for a Disaster Loan
March 7th, 2014 by admin
Did you know that in the wake of a disaster, SBA provides low-interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations? Our latest video offers information about the steps to take to apply for assistance from SBA:
- After a presidential disaster declaration, first register with FEMA. In most cases, you’ll be referred to SBA for possible loan assistance. Then you should apply online, which is the fastest way to receive a decision about your loan eligibility.
- Your loan processing is next. SBA will conduct a credit check and an onsite inspection to determine your losses. A loan officer will work with you to approve or decline a loan.
- Within five days of signing SBA’s loan closing documents, your first disbursement is made. A case manager will work with you to meet all your loan conditions and schedule the rest of your disbursements until you receive the full loan amount.
SBA is here to help! Learn more about SBA’s Disaster Assistance Program so you know about your financial options if a disaster strikes.