SBA offers disaster assistance to KY residents affected by flash - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

SBA offers disaster assistance to KY residents affected by flash flooding

MCCRACKEN COUNTY, KY (KFVS) -

Businesses and residents affected by the flash flooding in Kentucky on July 7 can now apply for low-interest disaster loans from the U.S. Small Business Administration.

SBA Administrator Maria Contreras-Sweet made the loans available in response to a letter from Gov. Steve Beshear's authorized representative Michael E. Dossett, director of Kentucky Emergency Management.

Dossett wrote the letter 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; and Massac and Pulaski counties in Illinois.

Customer service representatives with SBA are available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help people complete their applications.

The center is located in the following community and is open as indicated:

McCracken County

The Paducah McCracken County Convention & Expo Center in the McKinley Room and the Van Buren Room. It's located at 415 Park Avenue in Paducah, KY 42001.

  • Opens - Wednesday, July 29 at 8 a.m.
  • Hours - Weekdays from 8 a.m. to 4:30 p.m. and Saturday, Aug. 1 from 10 a.m. to 2 p.m.
  • Closed - Sunday, Aug. 2
  • Closing - Thursday, Aug. 6 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 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 by clicking here.

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 disastercustomerservice@sba.gov.

You can also download an application by clicking here.

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 with damage to their home, or business, or 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.

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