September 2005

SBA ready to aid victims of Katrina

Following the announcement of Presidential disaster declarations in Alabama, Louisiana, and Mississippi, the Small Business Administration (SBA) has announced that it is ready with financial assistance for victims of Hurricane Katrina.

SBA offers loans up to $200,000 to repair disaster-damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property, such as furniture and clothing.

Loans to businesses of all sizes and nonprofit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment, and inventory. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses.

Interest rates can be as low as 2.68 percent for homeowners and renters and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

Residents and business owners in the affected areas can begin the disaster application process by registering online with FEMA at www.fema.gov, or by calling 800-621-FEMA (3362), or 800-462-7585 (TTY) for the hearing and speech impaired.

The toll-free numbers will operate 24 hours daily until further notice. Details on the location of recovery centers and loan application deadlines will be provided as the information becomes available.

For more information, visit SBA’s Web site at www.sba.gov/disaster.

Source: U.S. Small Business Administration, www.sba.gov

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