May 9, 2014 Completed SBA Loan Application May Trigger Additional FEMA Grants

Release date: 

MAY 9, 2014

Release Number: 

009

  

EVERETT, Wash. – SR530 Slide survivors who are notified by the U.S. Small Business Administration (SBA) that they may be eligible for low-interest disaster loans should work with the SBA to complete the application, according to officials with the Washington Emergency Management Division (WEMD) and the Federal Emergency Management Agency (FEMA).     

Whether a loan is wanted or not, the SBA loan application may trigger additional grant assistance through FEMA’s Other Needs Assistance (ONA) program. The State of Washington administers the ONA grant funding for survivors who are not offered an SBA loan but who need additional recovery assistance.

SR530 Slide survivors have only a few weeks remaining to register with FEMA for possible assistance. FEMA registration is possible through June 2. Registration is available online at DisasterAssistance.gov or by phone at (800) 621-3362. TTY survivors should use (800) 462-7585 with Video Relay Service survivors calling (800) 621-3362.  Phone lines are open seven days a week from 4 a.m. to 8 p.m., PDT.  

The SBA is authorized, when a federal disaster is declared, to offer low interest loans to individual homeowners and renters as well as businesses of all sizes and private nonprofit organizations. Eligible homeowners may receive up to $200,000 for home repair or replacement of primary residences and eligible homeowners and renters up to $40,000 to replace disaster-damaged or destroyed personal property. 

Small businesses suffering economic impact due to the SR530 slide can apply for up to $2 million for any combination of property damage or economic injury under SBA’s Economic Injury Disaster Loan (EIDL) program. 

Interest rates for SBA disaster loans can be as low as 2.25 percent for homeowners and renters, 2.625 percent for private nonprofit organizations and 4 percent for businesses, with terms up to 30 years. SR530 Slide survivors have until June 2, 2014 to apply for SBA loans. Small businesses applying for only the EIDL program have until Jan. 2, 2015. 

www.fema.gov