In a perfect world you wouldn’t every have to worry about disasters and you wouldn’t need to get a loan to repair damage from disasters. However, this isn’t a perfect world. When your business or home has damage caused from disasters and the insurance doesn’t cover all of it you need to make sure that you can make the repairs. FEMA loans from SBA could help you out.
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What is FEMA?
FEMA is the Federal Emergency Management Agency. They are there when disaster strikes to help clean up and to provide services to get the area up and running again. They work with people, organizations, and businesses to make things happen when hurricanes, earthquakes, tornadoes, floods, oil spills, and even acts of terrorism strike. Their main goals are to make it so that homes are livable. They will be looking for damage to the essential living areas of your primary residence that has been caused by the disaster. They will also be looking to help cover the costs that the insurance company won’t cover.
FEMA is out there to provide assistance in your time of need. You can apply for assistance. FEMA will review your application and carefully consider your situation. If accepted you will receive a grant to preform necessary repairs. However, FEMA grants only provide money to get households up and running and are not available for businesses and grant money may not cover your housing needs either. In these situations you may want to apply for FEMA loans from SBA.
What Are FEMA Loans from SBA?
These are loans that are processed by FEMA and come from the Small Business Association. They can be used to repair or replace homes, replace furniture and other property, and even vehicles. They can also be used to repair damages to businesses including repairing or replacing buildings, Credit: morguefile.comequipment, inventory, and supplies.
FEMA Loans from SBA for Homeowners
Some homeowners are eligible for FEMA loans from the SBA. These loans are low interest and designed to help homeowners rebuild their lives. The many should be used to repair or replace the home, purchase furniture and appliances, and can also be used to replace lost vehicles. Homeowners may be able to borrow up to $200,000 to put their lives back together. These low interest loans are based on whether or not you can get credit elsewhere and you will have a long time to pay the loans back, often up to 30 years. This application must also be filled out in order for a homeowner to qualify for other types of aid.
FEMA Loans from SBA for Renters
Homeowners aren’t the only ones who can get loans to put their lives back together. Renters may be able to borrow up to $40,000 with this low interest program that can help them to replace lost property, vehicles, and also help them secure housing somewhere safe and healthy. For renters to get other assistance the SBA loan application must be filled out first.
FEMA Loans from SBA for Businesses
Businesses can also use low interest Small Business Association loans to repair damages. They can use it to repair and replace lost property, can get new machinery and equipment, and can replace lost or damaged inventory and supplies. Finally there are also loans to help small businesses and non-profits to recover from economic injury. These loans are designed to be used as start up costs or to jump start a business. These loans are low interest and can give you up to 30 years to repay.
Applying for FEMA Loans from SBA
In many cases FEMA will send out FEMA Loans from the SBA applications to those who may be interested or may qualify. If you need financial assistance of anything then you will want to start by applying for the loan. Even if you don’t end up taking the loan it may open up offers and opportunities so that you can rebuild.
If you need a loan and don’t receive an application you can contact the Small Business Association for a loan application or you can apply right there on their website. To apply electronically you will need to agree to tell the truth (under the threat of purgery), create an account, provide information about who is applying, what damages you have, and your financial information.
FEMA loans from SBA can help you to repair your personal or your business life. They aren’t a magic fix, but they will give you the money you need now at a low interest and with a long repayment schedule so you can actually handle the payment schedule. You should apply for an SBA loan after a disaster whether or not you think you will qualify or whether or not you thing you will really take the loan. It will be the start of getting your life ready.