SBA's Deadline is October 12 for Physical Damage Disaster Loan Applications for Businesses and Residents in Kentucky
ATLANTA, Sept. 10, 2015 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds businesses of all sizes, private nonprofit organizations, homeowners, and renters in Kentucky of the deadline to submit disaster loan applications for damages caused by severe storms, tornadoes, winds, flooding, landslides and mudslides on July 11-20, 2015. The deadline to apply for a physical damage disaster loan is Oct. 12, 2015.
The disaster declaration covers the counties of Breathitt, Carter, Fleming, Johnson, Perry, Rowan and Trimble in Kentucky which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Bath, Boyd, Carroll, Clay, Elliott, Floyd, Greenup, Harlan, Henry, Knott, Lawrence, Lee, Leslie, Letcher, Lewis, Magoffin, Martin, Mason, Menifee, Morgan, Nicholas, Oldham, Owsley, Robertson and Wolfe in Kentucky; Clark and Jefferson in Indiana.
Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private, nonprofit organizations, 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.
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.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.688 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.
To be considered for all forms of disaster assistance, applicants should register with FEMA online at www.DisasterAssistance.gov or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY).
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also 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]. 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 Oct. 12, 2015. The deadline to return economic injury applications is May 12, 2016.
For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov/disaster.
Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333
Release Number: 15-357 KY 14419/14420
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SOURCE U.S. Small Business Administration
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