Contact Us
Make My Homepage

SBA Questioned About Varying Interest Rates [AUDIO]

We are learning that not everyone is getting the uber-low interest rate from the U.S. Small Business Administration (SBA) to repair their Sandy damaged homes.

FEMA mobile unit
FEMA mobile unit (Spencer Platt/Getty Images)

While many homeowners are being offered the 1.688 percent loan, others are being offered a 3.375 percent loan, which is causing some folks to cry discrimination.

SBA Spokesman Mark Jamison says, Congress by law, provided that the SBA offer the two interest rates “and so we use things like income, your debt, the amount of damages and your net worth in determining who qualifies for that unsubsidized interest rate.”

However, Jamison says it’s important for people to keep in mind some things.

“First of all the 3.375 percent is still pretty low. It is a fix interest rate and you know that interest rate, it can be up to thirty years. There are no cost associated with the application.”

Jamison also says loan applicants can always appeal the interest rate determination.

For more information about SBA’s disaster assistance programs, visit their website, call our disaster assistance center at 1-800-659-2955, or email. You can also get information online.

Survivors of Hurricane Sandy in New Jersey now have until March 1, 2013, to register for disaster assistance through the Federal Emergency Management Agency.

According to FEMA’s website, people with storm losses in all counties in New Jersey can register online at  or via smartphone or tablet. Registration is also available by calling 800-621-3362, TTY 800-462-7585 or 711/VRS. The toll-free telephone numbers operate from 7 a.m. to 1 a.m. seven days a week.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.