SBA Disaster Support
Many of our Holtmeyer & Monson clients have asked for clarification about government programs available to provide disaster support to customers hard hit by storms, floods, droughts and other devastating natural events. Both the USDA and the SBA offer direct-to-consumer loans that may provide relief to affected members of your community.
The USDA’s Farm Service Agency (FSA) offers an Emergency Loan that provides funding direct from the Agency to farmers and ranchers who have sustained losses due to an event officially designated as a natural disaster or quarantine, and who have been denied disaster-related credit by a commercial lending institution(s). The Emergency Loan, a specialty loan that’s part of the FSA’s Disaster Assistance Program, requires the same application forms as all FSA direct loans – plus two additional forms:
The SBA provides long-term, low-interest Disaster Loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets. More details are available at https://disasterloan.sba.gov/ela/Information/Index, where you’ll find links to the different types of SBA Disaster Loans, fact sheets for each type, mail-in paper application forms, current disaster declarations, and a glossary of terms. All types of SBA Disaster Loans may be applied for online at https://disasterloan.sba.gov/ela. The three-step online process is the fastest way to receive an eligibility decision. Applications may be submitted by mail. Holtmeyer & Monson is available to assist with the application process, which involves completing standard forms and providing financial information along with a signed IRS FORM 4506-T permitting release of tax return information to SBA. People may also apply in person at any Disaster Recovery Center and receive one-on-one help from an SBA representative. (For Center locations, go to https://www.fema.gov/disaster-recovery-centers)
If you have a question about this or other SBA/USDA issues, by all means give us a call. The same goes if you simply want to learn a little more about Holtmeyer & Monson. As a qualified Lender Service Provider, we serve as an out-of-house SBA/USDA lending department for community banks, and are an Endorsed Member Company of the Community Bankers Association of Georgia. To learn more contact Arne Monson at 800-340-7304.