FEMA stresses for tornado victims to also seek SBA funds

Jan 23, 2014

Those impacted by the November 17th tornadoes who’ve registered with FEMA also need to make sure to apply with the Small Business Administration by the new extended date of February 3rd. FEMA officials say nearly 2,000 SBA applications have been sent to homes and some business, but the rate of return is low. Spokeswoman Deanna Frazier says people registered with FEMA might receive an S-B-A loan. If so, Frazier says it’s a necessary part of the federal funding assistance package offered to individuals and businesses:

 “They have home loans for up to 200-thousand dollars at two and a quarter percent and they can go up to 40-thousand dollars on contents. So for renters’ contents and up to 200-thousand dollars for homeowners as well as 40-thousand dollars in contents.”  

 Applying for the SBA loan is also the way for those registered with FEMA to get the additional free grant money FEMA offers if a person is denied. 163 people and one business in Illinois have received S-B-A loans so far. That’s reportedly amounted to more than 13-point six million dollars. Conversely, those who’ve been denied for the S-B-A loans have received nearly $930,000 in additional FEMA grants.