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The Scoop

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Verbatim: Hoosiers able to apply for SBA disaster loans

INDIANAPOLIS—According to the Indiana Department of Homeland Security, beginning yesterday, residents, businesses and non-profit organizations affected by severe storms, snowmelt and flooding February 27 through March 8 in eastern Indiana can apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).

The declaration covers Delaware and Jay counties. As a result, residents and businesses in adjacent counties also can apply for loans. They include the counties of Adams, Blackford, Grant, Henry, Madison, Randolph and Wells in Indiana and the counties of Darke and Mercer in Ohio.

The filing deadline to return applications for physical property damage is May 23, 2011. The deadline to return economic injury applications is December 27, 2011. For more information visit, http://www.in.gov/portal/news_events/68568.htm.

SBA Loan Application Process

1. Complete the application for a Small Business Administration (SBA) loan in person, over the phone, or online:

2. Once an Application has been completed and returned to SBA, a loan officer will be assigned to contact you to explain the application process, what documentation you need to provide, and schedule a damage inspection.

3. An SBA inspector will visit your home to confirm damage reported in your application.

4. Waiting period. The estimated waiting period to hear back from SBA is approximately 5-10 business days for homeowners and renters and 2-3 weeks for businesses of all sizes and non-profit organizations. To expedite the processing of your loan application, make sure you have submitted all required documentation including deed or lease information, insurance information, financial information on any applicable mortgages, etc.

5. SBA will either approve or deny the loan application. The applicant will be notified by mail.

  • If approved, you may either choose to accept or decline the loan. If you accept the loan, your loan officer will be in contact with you to complete the financial transaction.
  • If denied by SBA for a disaster loan, you will receive a letter explaining the reason for denial and what additional information, if any, is required to continue the loan process.

6. Applicants denied for an SBA loan may be eligible to receive up to a $5,000 grant through the Indiana State Disaster Relief Fund (SDRF). SBA provides IDHS a list of applicants who are denied an SBA loan. IDHS will contact these individuals to provide information about the SDRF grant application process. You must have applied for and been denied an SBA loan in order to be considered for an SDRF grant. Potentially eligible individuals will be contacted by IDHS and may not initiate the application process prior to that notification.

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