SBA Offers Disaster Assistance to Residents of Kentucky Affected by Severe Storms, Flooding, Landslides, and Mudslides
WASHINGTON, Oct. 31, 2014 /PRNewswire-USNewswire/ -- Kentucky residents and businesses affected by severe storms, flooding, landslides, and mudslides on August 18 - 23, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.
Administrator Contreras-Sweet made the loans available in response to a letter from
Gov. Steve Beshear's Authorized Representative Michael E. Dossett, director of Kentucky Emergency Management on October 22, requesting a disaster declaration by the SBA. The declaration covers Floyd County and the adjacent counties of Johnson, Knott, Magoffin, Martin, and Pike in Kentucky.
"The SBA is strongly committed to providing the people of Kentucky with the most effective and customer-focused response possible to assist businesses of all sizes, private non-profit organizations, homeowners, and renters with federal disaster loans," said Administrator Contreras-Sweet. "Getting businesses and communities up and running after a disaster is our highest priority at SBA."
SBA's customer service representatives are available at the Disaster Loan Outreach Center 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:
Floyd County
Floyd County Emergency & Rescue Squad
132 Cliff Rd.
Prestonsburg, KY 41653
Opens: Tuesday, Nov. 4 from 9:00 a.m to 6:00 p.m.
Hours: Monday – Friday from 9:00 a.m. to 6:00 p.m.
Saturday, Nov. 8, from 9:00 a.m. to 1:00 p.m. (closed Sunday)
Tuesday, Nov. 11, closed for Veterans Day
Closing: Wednesday, Nov. 12, 9:00 a.m. to 4:00 p.m.
"Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets," said SBA's Kentucky District Director Ralph Ross.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL 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.
Interest rates are as low as 4 percent for businesses, 2.625 percent for non-profit organizations, and 2.063 percent for homeowners and renters with terms up to 30 years. Loan amounts 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://disasterloan.sba.gov/ela.
Individuals and businesses 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 protected]. 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 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: 15-048, KY 14171/14172
Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333
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SOURCE U.S. Small Business Administration
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