SBA Disaster Loans Available in Kentucky for Businesses and Individuals

Release Date: Saturday, September 17, 2011
Release Number: 11-725
Related State:
Kentucky
Tennessee
Virginia
Field Operations Center: East
Contact: Michael Lampton
ATLANTA – The U.S. Small Business Administration’s Regional Administrator for Region IV, Cassius Butts is encouraging survivors affected by severe storms, tornadoes and flooding in the Commonwealth of Kentucky to register for assistance with the Federal Emergency Management Agency (FEMA) and return completed SBA disaster loan applications to get the help they need.    
 
The SBA’s low-interest disaster loan program is the primary source of federal funds for long-term   recovery for uninsured damages caused by a declared disaster. “We are coordinating recovery efforts with our SBA Resource Partners along with federal, state and local stakeholders  in the declared disaster area to ensure affected survivors receive proper assistance from the SBA,” said Cassius Butts, SBA’s regional administrator.  “Taking time to complete and return the loan application package to the SBA is an important part of the recovery process,” Butts added.
 
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate.  Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.  Businesses and private non-profit organizations of any size may borrow up to $2 million for physical losses and working capital needs.  Interest rates are as low as 2.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. 
 
“We want to help the business communities in the declared counties recover as soon as possible,” said SBA Interim District Director Linda George. “SBA disaster loan assistance is the primary means of federal disaster assistance for many people. As we receive completed disaster loan applications, we will promptly make loan decisions so we can get federal disaster financial aid into the hands of those who need it,” she added.
 
Certified business consultants from the SBDC network are available to assist businesses in completing their disaster loan applications at no cost.  Call (888-475-7232) or visit (ksbdc.org) for the nearest SBDC location.  “SBDC consultants are eager  to support local businesses in finding the resources they need to recover and are very thankful that SBA’s help is available,” added KSBDC State Director, Becky Naugle. 
 
The disaster declaration covers the counties of Bell, Knox and Perry in Kentucky, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Breathitt, Clay, Harlan, Knott, Laurel, Leslie, Letcher, Owsley and Whitley in Kentucky; Claiborne in Tennessee; and Lee in Virginia.
 
To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing. Additional information the loan application process and the locations of Disaster Recovery Centers can be obtained by calling the SBA Customer Service Center at 800-659-2955(800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov
 
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
 
The filing deadline to return applications for physical property damage is October 31, 2011.  The deadline to return economic injury applications is June 1, 2012.
 
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.

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