FRANKFORT, Ky. (KT) – The U.S. Small Business Administration (SBA) is reminding businesses, private nonprofit organizations, homeowners and renters in Kentucky impacted by severe storms and tornadoes that occurred March 14-15 to apply for physical damage disaster loans by Aug. 26deadline.
The declaration covers Trimble County and the adjacent counties of Carroll, Henry and Oldham in Kentucky, as well as Clark and Jefferson counties in Indiana.
Businesses of all sizes and private 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.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage. Approved loans may qualify for a loan amount increase of up to 20 percent 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, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates can be as low as four percent for businesses, 3.25 percent for private nonprofit organizations and2.688 percent for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
