INDIANAPOLIS – Survivors of Indiana’s March 31/April 1 severe storms and tornadoes who apply for disaster assistance from FEMA may be referred to the U.S. Small Business Administration (SBA) with information on how to apply for a low-interest, long-term disaster loan.
Homeowners, renters, business owners, and private nonprofits may be eligible. It’s important to submit the loan application as soon as possible. If the application is approved, you are not obligated to accept an SBA loan but failure to return the application may disqualify you from other possible financial assistance from FEMA and the state of Indiana.
SBA disaster loans cover losses not fully compensated by insurance or other resources. You should not wait for an insurance settlement before submitting an SBA loan application. You may discover you were underinsured for the deductible, labor, and materials required to repair or replace a residence or business.
Despite the “Small Business” name for the agency, about 80% of loans approved by the SBA go to homeowners and renters. There is no cost to apply for an SBA disaster loan. The deadline for homeowners and renters to apply for federal assistance from FEMA and the SBA is June 14. The business deadline is January 15, 2024.
You may apply for SBA assistance in four ways:
- Visit the nearest Disaster Recovery Center in Indiana. To find one, go to fema.gov/drc
- Visit the SBA Business Recovery Center in Whiteland, Monday-Friday, 9 a.m. to 5 p.m.
- Apply at the SBA secure website, DisasterLoanAssistance.sba.gov/ela/s/
- Call SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov
