News Release
Ohioans Affected by March 14 Tornadoes: Key Reasons to Fill Out
an SBA Application
COLUMBUS – FEMA partners with other agencies, such as The U.S. Small Business Administration (SBA), to help
meet the needs of disaster survivors. If you are a homeowner, renter or business owner affected by the March 14
tornadoes, SBA may be able to offer a low-interest disaster loan to support your recovery.
After you apply for FEMA assistance, don’t wait to apply for a loan from the SBA too. You aren’t required to apply for
a SBA loan to be considered for FEMA grants, but an SBA loan could help with any unmet needs for disaster-related
expenses.
Individuals in one of Ohio’s designated counties, whose homes and property were damaged by the March 14
tornadoes, have until July 1 to apply for assistance from FEMA and the SBA.

SBA programs can help homeowners and renters, as well as large and small businesses
(including apartment owners) and nonprofit agencies.
Homeowners may be eligible for up to $500,000 in low-interest loans to repair or replace their home. Renters and
homeowners who lost personal goods in the disaster may be eligible to borrow up to $100,000 to replace the things
they need like clothing or furniture – even a vehicle.
If you are a business owner in one of Ohio’s designated counties who was affected by the March 14 tornadoes and
are in need of assistance following the disaster, there is a good chance the SBA can help, but you must apply first.

Low-interest disaster rates are available.
SBA can offer a loan that fits your personal budget. For applicants unable to obtain credit elsewhere, the interest
rates are 2.5 % for home loans, 4.0% for business loans and 2.375% for nonprofit organizations. Your first payment

Learn more at fema.gov

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will not be due for 12 months, and no interest will be charged for the twelve months. You may have up to 30 years to
pay and there is no pre-payment penalty or fees.
If you already have a mortgage on damaged property, SBA specialists can help with a low-interest loan you can
afford. In some cases, SBA can refinance all or part of an existing mortgage.

SBA is the largest source of recovery funds.
SBA disaster loans are the largest source of federal disaster recovery funds for survivors. SBA disaster loans cover
losses not fully compensated by insurance, FEMA grants or other resources. Survivors should not wait for an
insurance settlement before submitting an SBA loan application. They may discover they were underinsured for the
deductible or labor and materials required to repair or replace their home.

Funds to reduce future disaster risks may be available.
Eligible SBA disaster loan borrowers may choose to receive expanded funding to help mitigate their home or
business against future disasters. SBA disaster loans can be increased up to 20% to make building upgrades.
Whether you’re recovering from a declared disaster or planning ahead and thinking about how to protect your home
and family, business, and employees, mitigation assistance not only helps you rebuild and get back to business, but
the money can also be used to make property improvements that eliminate future damage or save lives.
SBA approval of mitigating measures is required before any loan increase can be made. There is no cost to apply,
and you are under no obligation to accept a loan if approved.
Even simple things can strengthen your home or business today to avoid damage and unplanned costs in the future.
Learn more about SBA disaster assistance a www.sba.gov/funding-programs/disaster-assistance. Visit
www.fema.gov/disaster/4777 for more information about the disaster recovery in Ohio.
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Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability,
English proficiency, or economic status. Reasonable accommodations, including translation and American Sign
Language interpreters via Video Relay Service will be available to ensure effective communication with applicants
with limited English proficiency, disabilities, and access and functional needs. If you or someone you know has been
discriminated against, call FEMA toll-free at 800-621-3362. If you use video relay service, captioned telephone
service or others, give FEMA your number for that service.

Learn more at fema.gov