The Small Business Administration (SBA) not only assists businesses after a natural disaster, civil disturbance, fires and other catastrophes, it also provides disaster loans to individuals – including homeowners and renters. The loans, which cover uninsured or underinsured losses – are issued after the President or SBA Administrator signs a disaster declaration. Homeowners can then apply for loans up to $200,000 to assist with the repair or replacement of their primary residences and receive loans up to $40,000 for personal property losses. The low-interest loans have terms up to 30 years. To begin the process, applicants must register first with the Federal Emergency Management Agency (FEMA) to obtain a FEMA Registration ID number.
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