SBA Offers Disaster Assistance to Kentucky Businesses and Residents Affected by Severe Storms, Straight-Line Winds, Tornadoes, Flooding, Landslides and Mudslides

WASHINGTON – Companies and residents in Kentucky affected by the extreme storms, straight-line winds, tornadoes, flooding, landslides and mudslides from Dec. 31, 2021, by way of Jan. 1, 2022, might apply for low-interest catastrophe loans from the U.S. Small Enterprise Administration, SBA Administrator Isabella Casillas Guzman introduced right now.

Administrator Guzman made the loans obtainable in response to a letter from Kentucky Governor Andy Beshear on Could 10, requesting a catastrophe declaration by the SBA. Companies and residents within the declared space can now apply for low-interest catastrophe loans from the SBA.

The declaration consists of Christian and Pike counties in Kentucky, and the contiguous counties of Caldwell, Floyd, Hopkins, Knott, Letcher, Martin, Muhlenberg, Todd and Trigg in Kentucky; Montgomery and Stewart in Tennessee; Buchanan, Dickenson and Clever in Virginia; and Mingo in West Virginia.

“SBA’s mission-driven group stands prepared to assist Kentucky’s small companies and residents impacted by the latest extreme storms, straight-line winds, tornadoes, flooding, landslides and mudslides,” stated Administrator Guzman. “We’re dedicated to offering federal catastrophe loans swiftly and effectively, with a customer-centric strategy to assist companies and communities recuperate and rebuild.”

To help companies and residents affected by the catastrophe, the SBA will open Catastrophe Mortgage Outreach Facilities (DLOCs) on Saturday, Could 21 at 10 a.m. as indicated beneath:

Buyer Service Representatives will likely be obtainable on the DLOCs to reply questions concerning the catastrophe mortgage program and assist people full their functions. Because of the ongoing COVID-19 pandemic, the SBA has established protocols to assist defend the well being and security of the general public. All guests to the DLOCs are inspired to put on a face masks.

“Companies and personal nonprofit organizations might borrow as much as $2 million to restore or substitute disaster-damaged or destroyed actual property, equipment and gear, stock, and different enterprise property,” stated Robert Coffey, SBA’s Kentucky district director.

For small companies, small agricultural cooperatives, small companies engaged in aquaculture and most personal nonprofit organizations, the SBA provides Financial Damage Catastrophe Loans (EIDL) to assist meet working capital wants brought on by the catastrophe. EIDL Mortgage help is accessible no matter whether or not the enterprise suffered any bodily property injury.

“Loans as much as $200,000 can be found to owners to restore or substitute broken or destroyed actual property. Owners and renters are eligible for loans as much as $40,000 to restore or substitute broken or destroyed private property,” stated Kem Fleming, director of SBA’s Discipline Operations Heart East in Atlanta.

Candidates could also be eligible for a mortgage quantity enhance of as much as 20 p.c of their bodily damages, as verified by the SBA for mitigation functions. Eligible mitigation enhancements might embody a protected room or storm shelter, sump pump, French drain, or retaining wall to assist defend property and occupants from future injury brought on by an identical catastrophe.

Rates of interest are as little as 2.830 p.c for companies, 1.875 p.c for nonprofit organizations, and 1.438 p.c for owners and renters, with phrases as much as 30 years. Mortgage quantities and phrases are set by the SBA and are based mostly on every applicant’s monetary situation.

Candidates might apply on-line utilizing the Digital Mortgage Utility (ELA) by way of SBA’s safe web site at DisasterLoanAssistance.sba.gov/ela/s and will apply underneath SBA declaration # 17453.

Catastrophe mortgage data and software kinds may be obtained by calling the SBA’s Buyer Service Heart at 800-659-2955 (in case you are deaf, laborious of listening to, or have a speech incapacity, please dial 7-1-1 to entry telecommunications relay providers) or emailing DisasterCustomerService@sba.gov. Mortgage functions could also be downloaded at sba.gov/catastrophe. Accomplished functions ought to be returned to the facilities or mailed to: U.S. Small Enterprise Administration, Processing and Disbursement Heart, 14925 Kingsport Street, Fort Value, TX 76155.

The submitting deadline to return functions for bodily property injury is July 18, 2022. The deadline to return financial damage functions is Feb. 21, 2023.

###

In regards to the U.S. Small Enterprise Administration
The U.S. Small Enterprise Administration makes the American dream of enterprise possession a actuality. As the one go-to useful resource and voice for small companies backed by the energy of the federal authorities, the SBA empowers entrepreneurs and small enterprise homeowners with the assets and assist they should begin, develop or develop their companies, or recuperate from a declared catastrophe. It delivers providers by way of an in depth community of SBA area places of work and partnerships with private and non-private organizations. To be taught extra, go to sba.gov.

Attachments: Information Launch, Flyer, Truth Sheet