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Encouragement to Apply for SBA Loans

SBA strongly encourages all individuals affected by the recent flood to consider applying for a loan by the upcoming April 19 deadline, even if they are unsure about utilizing the funds. Once approved for a loan, applicants have a generous timeframe of up to six months to decide whether to accept it, and the application process is completely free of charge.

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Registration for FEMA Assistance

Prior to submitting an application for an SBA loan, residents and business owners must first register for FEMA assistance, as FEMA acts as the primary agency in charge of disaster response efforts. The SBA loans can then serve as an additional resource for those impacted by the disaster.

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Application Process

Eligible applicants will find a link to the SBA’s website on their FEMA application form, or they can directly access it at sba.gov/disaster.

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In-Person Application Options

For individuals preferring to apply in person, various options are available only until April 19. They can visit the business recovery center at Southwestern College’s Higher Education Center or the disaster recovery centers at Mountain View Community Center and Spring Valley Library.

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Loan Repayment and Credit History

Applicants must demonstrate their ability to repay the loan(s) and present their credit history during the application process. SBA typically does not reject applicants solely based on a low credit score, as confirmed by SBA spokesperson Africa Rosas.

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Response Time and Additional Information

SBA aims to respond to flood victims within 2 to 3 weeks after they submit their applications, according to Rosas. For more details, individuals can contact the SBA customer service line at 1-800-659-2955.

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