It’s important to know that low-interest federal disaster loans are for HOMEOWNERS AND RENTERS, plus businesses of all sizes, non-profit organizations, faith-based organizations, small aquaculture businesses, and small agricultural cooperatives impacted by Hurricane Sally. All can apply for their uncompensated losses – i.e. their insurance wasn’t enough to complete their repairs or they didn’t have insurance.

  • It’s free to apply and the interest rates are very low.
  • Terms are up to 30 years to make the payments affordable, and no collateral is required for loans of $25,000 or less.
  • Repayment begins 5 months from when the note is signed, which gives people time to manage their immediate recovery needs before having to make their first loan payment.
  • There is no obligation to accept a loan. People who initially turn it down can re-activate their loan application for six months.
  • People do not have to wait for their insurance settlement to apply for a loan. They can get money from SBA to start their repairs and then assign their insurance settlement to pay down their loan.
  • There is no pre-payment penalty.
  • Loans are direct from the U.S. Treasury, and the terms and interest rate do not change.

Residents with damage should first register with FEMA at (emergency grants) and then apply to SBA for a disaster loan at People whose loan applications are denied are then referred back to FEMA for additional grant consideration.