SBA Offers Disaster Assistance to Businesses and Residents of Kentucky Affected by Torrential Rains, Flash Flooding and Mudslides
WASHINGTON-Kentucky businesses and residents affected by torrential rains, flash flooding and mudslides on July 23 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.
Administrator McMahon made the loans available in response to a letter from the Governor’s Authorized Representative Michael Dossett on Aug. 10, requesting a disaster declaration by the SBA. The declaration covers Mason County and the adjacent counties of Bracken, Fleming, Lewis, and Robertson in Kentucky. Adams and Brown in Ohio.
SBA’s customer service representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
The Center is located in the following community and is open as indicated:
Mason County Kenton Commonwealth Center 201 Government St. Maysville, KY 41056
Opening: Thursday, Aug. 17 at noon
Hours: Weekdays from 8a.m. to 5 p.m. Saturday, Aug. 19 from 10 a.m. to 2 p.m. Closed Sunday, Aug. 20
Closing: Thursday, Aug. 24 at 3 p.m.
“Businesses and nonprofit organizations may borrow up to $2 million to repair and replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Kentucky District Director, Ralph Ross.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3.305 percent for businesses, 2.5 percent for nonprofit organizations, and 1.75 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disaster-loan.sba.gov/ela.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Oct. 16, 2017. The deadline for economic injury applications is May 15, 2018.