SBA Has Approved Over $461,000 in Disaster Loans in Kentucky; Deadline to Apply for Physical Damage Assistance Rapidly Approaching

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Dec 01, 2014, 04:17 ET

ATLANTA, Dec. 1, 2014 /PRNewswire-USNewswire/ -- The U. S. Small Business Administration (SBA) has approved more than $461,000 in Disaster Assistance Loans for businesses and residents in Kentucky affected by the severe storms flooding, landslides, and mudslides on Aug. 18-23, 2014. Applicants in the counties of Floyd, Johnson, Knott, Magoffin, Martin, and Pike are eligible to apply. The deadline to file an SBA disaster loan application for physical damage is Monday, Dec. 29, 2014.

"Currently 15 disaster loans have been approved for survivors in the amount of $461,700 to help recover from the damages and losses caused by the August severe storms and flooding" said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta. "We are pleased to get these loan approved so residents in the disaster area can start to rebuild and resume their normal lives. I encourage anyone who has not submitted an SBA disaster loan application to do so before the physical deadline."

SBA disaster loans make recovery more affordable with rates as low as 4 percent for businesses, 2.625 percent for private non-profit organizations and 2.063 percent for homeowners and renters. The SBA is encouraging survivors to submit their applications before the deadline to be considered for the financial assistance.

Survivors may apply for SBA disaster loans online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

More information may be obtained by calling the SBA's Customer Service Center at
800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. SBA loan applications can be downloaded from www.sba.gov/disaster. Completed applications can be returned to a recovery 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 December 29, 2014.
The deadline to return economic injury applications is July 30, 2015.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster .

Release Number: 15-077, KY 14171/14172

Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333

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SOURCE U.S. Small Business Administration