SBA Offers Disaster Recovery Loans Local news
The Small Business Administration offers two small business disaster recovery loans, the Physical Disaster Loan and the Economic Disaster Loan.
According to a press release, only companies affected by severe storms, straight winds, floods and tornadoes on December 10 can apply.
Businesses and private nonprofits of any size can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other assets damaged by disaster or destroyed by through the physical disaster lending to businesses.
If the loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property from future damage.
The money can also be used for mitigation upgrades like a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from damage. future damage caused by a similar disaster.
“Description of improvements and cost estimates do not need to be submitted with the request,” the statement said. “SBA approval of the mitigation measures will be required prior to any loan increase. “
The SBA provides economic disaster loans to small businesses, small farmer cooperatives, small aquaculture businesses, and most private non-profit organizations to help meet the working capital needs caused by the disaster.
“Economic disaster loan assistance is available whether or not the business has suffered property damage,” the statement said.
The SBA has opened a Business Turnaround Center at the Hopkins County Regional Chamber of Commerce to help people understand the lending process.
“This is to provide Kentucky businesses with one-on-one assistance in submitting a disaster loan application,” the statement said.
Customer service representatives will be available to answer questions about the disaster loan program and help business owners complete their applications.
Interest rates are as low as 2.83% for businesses, according to the release. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.
The room is located at 15 E Center Street and is open 8 a.m. to 6 p.m. Monday through Friday. The filing deadline for property damage is February 10, 2022 and for economic damage September 12, 2022.
Loan applications can be downloaded from the Small Business Administration website, sba.gov/catastrophe. Applications should be sent by mail to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
To apply online for the electronic loan application, visit https://disasterloanassistance.sba.gov/ela/s/ and apply under SBA Statement # 17286, the non-COVID-19 incident.
To be considered for all forms of disaster assistance, register online at Disaster Assistance.gov or download the FEMA mobile app, or call the toll-free FEMA helpline at 800-621-3362.