WASHINGTON — The Small Business Administration said it is working with several agencies to ensure that millions of dollars of relief get to businesses and homeowners affected by Hurricane Gustav.
The agency emphasized that its disaster loans are available to not just businesses but renters, homeowners and nonprofits. More than 80% of its disaster loans are made to homeowners.
Coordinating with FEMA and state emergency management agencies, SBA said more than 600 disaster assistance employees are ready for immediate deployment with an additional 500 reservists prepared to augment the agency's disaster loan processing and disbursement center and customer service center.
Homeowners and renters may borrow up to $200,000 and $40,000 respectively, to repair their disaster-damaged real estate. Business of all sizes and private nonprofit organization of all sizes may borrow up to $2 million. Disaster survivors may now file their applications online at www.sba.gov.
“We learned important lessons from the [2005] hurricanes and we are prepared to effectively execute our role to support the post-disaster economic recovery,” said Sandy Baruah, SBA acting administrator at a FEMA Gustav press conference on Saturday.
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