Funds are also available for mitigation measures to minimize the effects of future disasters. In disaster, homeowners and renters can receive disaster loans from the SBA, as well as business owners, to cover uninsured or under-insured losses. If you receive an SBA loan application you should complete and return the packet as soon as possible. SBA officials pointed out that completing the application does not obligate you to take a disaster loan, but if the packet is not returned it may delay other forms of disaster assistance. SBA low-interest disaster loans are currently below four percent.
Business owners are only eligible for loans.
These are designed to repair or replace destroyed or damaged business facilities, inventory, machinery, equipment, etc., not covered by insurance. The loans are available to large and small businesses, including those that have a self-employed business. Loans also may be available only to small businesses for working capital to assist them during the recovery period. This program provides grants to individuals and families to meet serious disaster-related needs and necessary expenses not covered by insurance or available through other federal, state or voluntary agency disaster assistance programs. The IFG program is administered by the state, with FEMA providing 75 percent of the funds and the state providing the remaining 25 percent.