The Small Business Administration (SBA) and FEMA team up and offer Federal Money in the form of a low interest rate Federally Secured Loan. SBA Manages the process while FEMA funds the money. This is good for many groups of homeowners but can cost you tens of thousands of dollars later if you are not careful.
When FEMA tells a low income family or a moderate income family to apply to the SBA FEMA is sending that family into debt burden beyond recovery. When you thought your disaster was bad, wait one year to see what applying for SBA loans will do to LMI
After a disaster money becomes the top priority. We have lived as a nation of people that believe money spent will be money earned at a future date. The SBA believes that as well, they actually calculate your future pay raises when offering disaster loans
The SBA Loan Program will harm every American Household after a declared disaster for one simple fact. The Federal SBA Loan Program does not take into consideration any current income to expense ratio for the victims of the disaster.
Dear. 2016 Louisiana Flood Victim, we have received your request to decrease your loan amount from 125,000 to 25,000. Your payment amount is reduced from 440.00 to 437.00. Your payment terms have been changed from 30 years to 5 years.
This email was sent to the director of Homeowner Assistance Programs in the state of Louisiana. The email letter requested a discussion regarding the issues. The requested discussion was quickly dismissed and the email referred to a public outreach.
Pay your SBA then send money to El Paso TX. Need SBA to endorse an insurance check, send to Fort Worth TX. If you owe money to the SBA they will forward your check to the El Passo TX office for you and then audit your account.
If you havent read the report published by the Congressional Research Service CRS that was prepared for Members and Committees of Congress report number R44553 then you should. Ill be making many references to this report as well as others.
You were told that you had to apply for a SBA Loan to be eligible for possible grants from FEMA. They may have mentioned Vehicle Grants, Home Repair Grants or any number of grants that only FEMA offered but you had to apply for a SBA Loan first.
SBA will follow up with you many times by mail and by telephone to get you to complete your loan application and to sign the agreement for the loan. This is totally up to you if you would like to take the SBA loan now or wait for better options if any.
If you were told you needed to apply for an SBA loan to get additional FEMA resources I would say youre a fool if you are above AMI 120, have great credit and a good job. If you say Yes to a Federal Secured Loan you may have lost out on 10s of thousands
