The U.S. Small Business Administration (SBA) is primary federal source of money for the long-term repair and rebuilding of disaster-damaged private property. SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. These disaster loans cover losses not fully covered by insurance or other sources and do not duplicate benefits from other agencies.
Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars, appliances, etc. damaged or destroyed in the disaster. Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition.
The loans may not be used to upgrade homes or make additions unless as required by local building authority/code. Loans may be increased up to 20 percent of the total amount of disaster damage to real estate, as verified by the SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
Secondary homes or vacation properties are not eligible for these loans.
This deadline has been extended at the Governor’s request and approval by FEMA.
You must be a home owner or renter who has loss in a North Dakota county or reservation that has Presidential Disaster Declaration with Individual Assistance.
Check if your county or reservation has a disaster declaration.
What types of expenses are covered?The amount of the loan depends on the costs to repair or replace your home and/or personal property, minus any insurance settlements or grants. What are the loan terms?
Interest rates can be as low as 2.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Review the SBA North Dakota Declaration Fact Sheet or the SBA Fact Sheet for Homeowners and Renters for more information.
How do I apply?You must be registered with FEMA to apply for an SBA loan.
Online: Fill out an online application at SBA.gov
In-Person: Visit a Disaster Recovery Center help. Find a Disaster Recovery Center near you.
Phone: SBA Disaster Assistance Customer Service Center – 1-800-659-2955
Email: DisasterCustomerService@sba.gov
What information should I have with me when applying?- Contact information for all applicants (current and alternate telephone numbers).
- Identity information for all applicants (social security numbers/FEMA registration number).
- Deed or lease information, if available.
- Insurance information – if applicable, the name address, and policy number of any insurance carrier liable for the loss.
- Financial information (income, creditors’ names, monthly payments, balances).
No, do not miss the filing deadline by waiting for an insurance settlement. Final insurance information can be added after a settlement is made. SBA can approve a loan for the total replacement cost up to our lending limits. Once your insurance settles, if there is a duplication of benefits, we will apply those funds to the balance of your disaster loan. How soon before I know I have been approved?
SBA loan applications are processed in the order they are received. If you submit a complete application, you should learn if you are eligible within seven to 21 days.
