Good Morning Salem with special guests: Shirley Jann Tracey with FEMA, Federal Emergency Management Agency, Bill Koontz with Small Business Administration and Lauren Wirtis with Oregon Department of Quality. With a resources for families impacted by loss due to Wildfires.
FEMA: Federal Emergency Management Agency.
Small Business Association:
SBA Talking points
For Homeowners – Renters – Businesses – Private Non-Profits
No cost to apply for a low-rate SBA disaster loan
No obligation to accept an approved loan
You must apply by Nov. 16
Even if you think you may not qualify for an SBA disaster loan, apply anyway –
if SBA cannot approve your loan, SBA can refer you back to FEMA for the final part of FEMA’s grant program
SBA disaster loans are for uninsured or under-insured losses
SBA funds are available for mitigation – for relocation – for refinancing your current bank loan (in some cases)
SBA can lend for your insurance deductible
SBA can lend for debris removal, landscape repair, pool damage, underground plumbing pipes
What Types of Disaster Loans are Available?
Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
What are the Credit Requirements?
Credit History – Applicants must have a credit history acceptable to SBA.
Repayment – Applicants must show the ability to repay all loans.
Collateral – Collateral is required for physical loss loans over $25,000 and all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.