SBA: Deadline approaching for Ky. small businesses affected by December storms to apply for loans
KENTUCKY (KFVS) - The U.S. Small Business Administration (SBA) is reminding small businesses in Kentucky to apply for working capital loans before the September 12 deadline.
SBA says this loan program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by the severe storms, straight-line winds, flooding and tornadoes that occurred on Dec. 10-11, 2021.
According to a release, SBA has approved 508 disaster home and business loans totaling $53,514,900 to date.
The counties covered by this disaster declaration are Adair, Allen, Barren, Boyle, Breckinridge, Butler, Caldwell, Calloway, Carlisle, Casey, Christian, Crittenden, Daviess, Edmonson, Fulton, Graves, Grayson, Green, Hancock, Hardin, Hart, Hickman, Hopkins, Larue, Livingston, Logan, Lyon, Marion, Marshall, McCracken, McLean, Metcalfe, Monroe, Muhlenberg, Nelson, Ohio, Simpson, Taylor, Todd, Trigg, Washington, Warren and Webster in Kentucky; Mississippi and New Madrid in Missouri; and Henry, Lake, Montgomery, Obion, Robertson, Stewart and Weakley in Tennessee.
SBA says loan amounts can be up to $2 million with interest rates of 2.83 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years.
Eligibility is determined by SBA based on the size of the applicant, type of activity and its financial resources. The loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Instructions for applying provided by SBA:
- Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17287.
- Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov.
- Loan applications can also be downloaded from sba.gov/disaster.
- Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Once again, the deadline to submit economic injury applications is September 12, 2022.
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