What to Expect after You Have Filed with SBA
1. SBA will verify your losses and review your application
- SBA will check your application for completeness and let you know if more information is needed.
- An SBA loss verifier will make an appointment to inspect your disaster-damaged property and to make an estimate of the cost to fully repair or replace your damaged property.
- An SBA loan officer will contact you to discuss your application and a preliminary recommendation. This is not the final decision. After a supervisor reviews the recommendation, SBA will mail you written notice of its decision on your loan request.
- An approval or decline decision is usually given within three weeks after receiving a completed loan application.
2. SBA will help close the loan and disburse the funds
- Upon approval of your loan request, SBA will send you loan closing documents describing all loan terms and conditions.
- SBA will let you know if additional information is needed, such as copies of property deeds, titles to vehicles, and leases.
- SBA will give you written instructions and offer help for completing all the loan documents.
- SBA will send you loan funds after you return the loan documents. With larger loans, funds are disbursed in stages as you make the repairs. You must maintain receipts to document expenditures and submit periodic progress reports to obtain additional disbursements.
After full disbursement of your loan, SBA will send your file to a servicing office (SBA or other servicing organization) until it is paid in full. SBA may also sell your loan.
If you are not eligible for an SBA loan or the amount you need exceeds your SBA loan, you may apply for FEMA assistance.
Updated 3/27/07