COLUMBIA, S.C. – FEMA’s Individual Assistance program and the U.S. Small Business Administration’s Disaster Loan program are the federal government’s two primary sources of financial assistance to help individuals and households recover and rebuild from a major disaster. In many cases, homeowners and renters find that they need assistance from both programs to support their recovery.

Disaster survivors in need of an SBA loan for personal belongings, residential property damage, and business damage and disruption should not wait to apply. 

The SBA continues accepting new applications and preparing borrowers to receive their disaster loan offers as soon as Congress allocates funding. The SBA continues loan processing operations including supporting current borrowers and new applicants.

Provided Congress makes funds available, SBA can make disaster loans up to $500,000 to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters may be eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. Businesses may be eligible for loans up to $2 million for both physical damage and economic injury from business disruption.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, without credit elsewhere, and terms are up to 30 years. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement, and monthly payments begin 12 months from the date of the initial disbursement.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.