Alas, it turns out that in times of disaster, you don’t have to own a business to get an SBA loan (WaPo link):
Though its usual mandate is helping small businesses, it is charged with helping homeowners and renters as well as all businesses damaged in disasters. That is because a New Deal program coupled the two loan programs during the Great Depression of the 1930s, and both were transferred to the SBA when it was created in 1953.I still think it is strange that the SBA is handling non-business owners’ loans. Wouldn’t that cause some confusion? I mean, *I’m* confused:
Another quirk makes it necessary for homeowners with low incomes, who wouldn't qualify for a loan, to go through the process at SBA anyway. That's because FEMA, which give out grants in disasters, can consider only those who have been turned down for a loan.So you have to be refused a loan in order to get one? I don’t get it.
But I am not here to get it. That is proven to me everyday.
Also, the SBA has declined 70% of the loan applications they have processed and only approved 21%. And they have processed less than half of the applications they have received.
In the midst of all this SBA confusion, I completely missed that the article was about Hubig’s Pies, which is back up and running.
Of course, the SBA hasn’t approved their loan yet.