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SBA Disaster Assistance
June 16
SMALL BUSINESS SUFFERED STORM DAMAGE?
CLOCK’S TICKING TO APPLY FOR HELP
To apply online: visit sba.gov/disaster. Call the SBA Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov
The U.S. Small Business Administration reminds eligible small businesses, private non-profit organizations, homeowners and renters in Kentucky that Monday, There is a deadline to apply for low-interest federal disaster loans to offset losses from severe storms, straight-line winds, flooding, landslides and mudslides.
The Disaster Declaration covers affected Western Kentucky counties, which are eligible to businesses, homeowners and renters both for physical damage loans and Economic Injury Disaster Loans (EIDLs).
Businesses and non-profits are eligible for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged and destroyed real estate, machinery and equipment, inventory and other business assets.
Homeowners and renters are eligible for home and personal property loans and may borrow up to $100,000 to replace or repair personal property such as clothing, furniture, cars, and appliances. Homeowners also may apply for up to $500,000 to replace or repair their primary residence.
Interest rates are a low as 4 percent for small businesses, 3.62 percent for private non-profits and 2.75 percent for homeowners and renters, with terms up to thirty years. Interest does not begin to accrue and payments are not due until twelve months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
