The U.S. Small Business Administration encourages businesses of all sizes, private nonprofits, homeowners and renters to apply for physical damage disaster loans before the Feb. 10 deadline.
Anyone in the declared counties in Kentucky with damages caused by the severe storms, straight-line winds, flooding, and tornadoes on Dec. 10-11 should apply for the disaster loan program.
The disaster declaration covers Barren, Caldwell, Christian, Fulton, Graves, Hart, Hickman, Hopkins, Logan, Lyon, Marion, Marshall, Muhlenberg, Ohio, Taylor and Warren counties in Kentucky, which are eligible for both Physical and Economic Injury Disaster Loans from SBA.
Disaster survivors are encouraged to apply to SBA as soon as possible, even if they do not know how much money will be needed, and should not wait for insurance claims to settle. SBA loans can be made while insurance recovery is pending. There is no cost to apply or obligation to accept the loan if approved.
Businesses and private nonprofits of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to a news release issued by the SBA.
Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls and landscaping to help protect property and occupants from future damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits, 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.
