WASHINGTON, July 27, 2015 /PRNewswire-USNewswire/ -- Kentucky businesses and residents affected by the flash flooding on July 7, 2015, 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. Steven L. Beshear's authorized representative Michael E. Dorsett, director of Kentucky Emergency Management on July 17, requesting a disaster declaration by the SBA. The declaration covers McCracken County and the adjacent counties of Ballard, Carlisle, Graves, Livingston and Marshall in Kentucky; Massac and Pulaski in Illinois.
"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, 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:
The Paducah McCracken County Convention & Expo Center
The McKinley Room & The Van Buren Room
415 Park Avenue
Paducah, Kentucky 42001
Opens: Wednesday, July 29, 2015, at 8 a.m.
Hours: Weekdays, 8 a.m. to 4:30 p.m.
Saturday, Aug. 1, 2015: 10 a.m. to 2 p.m.
Closed: Sunday, Aug. 2, 2015
Closing: Thursday, Aug. 6, 2015 at 3 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 Ralph Ross, SBA's district director in Kentucky.
"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.
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.
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 amount 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 firstname.lastname@example.org. 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 Kentucky Emergency Management Agency suggests that those who suffered damage to their home, or business, are encouraged to photograph the damage, save repair receipts and be sure to report the damage to their insurance agent and local emergency management office.
The filing deadline to return applications for physical property damage is Sept. 22, 2015. The deadline to return economic injury applications is April 25, 2016.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Contact: Michael Lampton
Phone: (404) 331-0333
Release Number: 15-315 KY 14389/14390
SOURCE U.S. Small Business Administration