SBA Opens Disaster Loan Outreach Centers in Magoffin and Morgan Counties in Kentucky

ATLANTA, April 6, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that Kentucky residents will continue to be served when the Disaster Recovery Centers in Magoffin and Morgan counties transition to SBA Disaster Loan Outreach Centers (DLOCs).  The Center in Magoffin County will open on Monday, April 9, at 9 a.m. and the Center in Morgan County will open on Thursday, April 12, at 9 a.m.  These Centers provide one-on-one assistance to homeowners, renters and business owners seeking disaster assistance for losses caused by the severe storms, tornadoes, winds and flooding that occurred between Feb. 29 and March 3, 2012.  

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"Survivors who receive a SBA disaster loan application should submit it as soon as possible to receive consideration for a loan to help with their recovery," said Frank Skaggs, director of SBA Field Operations Center East.  "SBA's Customer Service Representatives will be on hand at all of the Centers to issue loan applications, answer questions about the disaster loan program, explain the application process and assist survivors with completing their applications," Skaggs added.

SBA staff continues to assist at the current Disaster Recovery Center locations in Magoffin and Morgan counties and will remain when they transition to SBA Disaster Loan Outreach Centers.  Center opening dates, hours and locations as follows:

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate.  Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property. 

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.

The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit 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.

To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing.  For more information on the loan application process and locations of other recovery centers contact the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to [email protected].  Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is May 7, 2012.
The deadline to return economic injury applications is December 6, 2012.

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

Contact: Michael Lampton
Phone: 404-331-0333

SOURCE U.S. Small Business Administration

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