The federal agency reported Wednesday that 4,287 Cobb residents were issued low-interest loan applications. Of those, 302 residents filed applications. So far, 15 home loans and no business loans have been approved, worth a total of $842,800. Of the issued loan applications, 3,591 were for homes and 696 were for businesses and economic injury.
SBA, along with the Federal Emergency Management Agency, has been answering questions and processing disaster loan and grant applications since a disaster recovery center opened Sept. 24 in the Threadmill complex at 5000 Austell-Powder Springs Road, suite 120, in Austell. It is open 8 a.m. to 7 p.m. Monday through Saturday, and 1 p.m. to 7 p.m. Sunday.
In Georgia, 16,057 state residents were issued SBA loan applications. Of those, 778 have applied. By Wednesday, 29 home loans and one business loan were approved, worth a total of $1,165,200.
SBA spokesman Jack Camp said he believes more residents may be eligible for federal loans than they think.
"I worry that people might get discouraged and not follow the whole federal process through. That's a mistake," Camp said. "I want to see many people here in Cobb County and Georgia get assistance as possibly can."
The deadline for filing a SBA application is Nov. 23.
Camp suggested that some flood victims have not applied for SBA loans because they have insurance covering their damage, are satisfied with their FEMA grant or are able to pay for their minor damage. However, people with flood insurance may qualify for federal disaster assistance.
"A lot of people get their SBA application and think, 'I'm not a business, why did I get this?' Camp said. "They don't understand that in a disaster, SBA helps owners, renters as well as businesses. Also, they may think, 'Well, I can't afford a loan or my credit is too bad,' and they basically decline themselves. And that's the wrong thing to do because if they apply to SBA, we'll probably agree with them. (But) we can refer them back to FEMA for other needs assistance."
FEMA provides rental and individual grants for home and vehicle repairs, transportation, medical and dental expenses, as well as funeral costs. The maximum FEMA grant is $30,300.
Camp estimates that 80 to 90 percent of people who have registered for FEMA grants have been referred to SBA.
"With SBA, people can get back to their pre-disaster position," Camp said. "FEMA's not going to do that. But, if they go through the process and there are still unmet needs - if they didn't qualify for a loan - then there may be help available from volunteer organizations."
Financial assistance is not distributed at the disaster recovery centers, which have opened around metro Atlanta.
The SBA low-interest disaster loan program is for homeowners, renters, businesses and private non-profit organizations of all sizes, with terms up to 30 years.
The limit for home loans is $200,000 for repair or replacement of real estate, and $40,000 to repair or replace personal property. The interest rate is 2.75 percent. The law limits business loans to $2 million for repair or replacement of real estate, inventories, equipment and other physical losses. The interest rate is 4 percent.
Loan amounts and terms are set by the SBA and are based on each applicant's financial condition, according to the SBA. Generally, it takes up to two weeks to decide whether a loan is approved.
Anyone not able to go to the disaster recovery center should call the SBA customer service center from 8 a.m. to 6 p.m., Monday through Friday, (800) 659-2955. For more information, visit www.sba.gov/services/disasterassistance or send an e-mail to disastercustomerservice@sba.gov.
Individuals may also apply for FEMA assistance online at www.disasterassistance.gov or by calling (800) 621-FEMA (3362) or TTY (800) 462-7585. The toll-free numbers are staffed 24 hours a day, seven days a week. Help in all languages is available.
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