ATLANTA – The U.S. Small Business Administration (SBA) announced today the opening of a new Business Recovery Center (BRC) in Marshall County on Thursday, March 24 to provide Kentucky businesses impacted by the severe storms, straight-line winds, flooding, and tornadoes on Dec. 10-11, 2021 with one-on-one assistance in submitting a disaster loan application.
The disaster declaration covers Barren, Caldwell, Christian, Fulton, Graves, Hart, Hickman, Hopkins, Logan, Lyon, Marion, Marshall, Muhlenberg, Ohio, Taylor, and Warren counties in Kentucky, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Adair, Allen, Boyle, Breckinridge, Butler, Calloway, Carlisle, Casey, Crittenden, Daviess, Edmonson, Grayson, Green, Hancock, Hardin, Larue, Livingston, McCracken, McLean, Metcalfe, Monroe, Nelson, Simpson, Todd, Trigg, Washington and Webster in Kentucky; Mississippi and New Madrid in Missouri; and Henry, Lake, Montgomery, Obion, Robertson, Stewart and Weakley in Tennessee.
The SBA’s Business Recovery Centers are open as indicated below until further notice:
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SBA Business Recovery Center Warren County Kummer/Little Recreation Center 333 College Street Bowling Green, KY 42101
Hours: Monday - Saturday, 8 a.m. – 5 p.m. Closed: Sunday Permanently Closes: April 29 |
SBA Business Recovery Center Warren County Western Kentucky University Center for Research and Development, WKU Business Accelerator Center Bowling Green, KY 42101
Hours: Monday - Friday, 8 a.m. – 5 p.m. Closed: Saturday and Sunday Permanently Closes: April 29 |
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SBA Business Recovery Center Hopkins County Hopkins County Emergency Management Madisonville, KY 42431
Hours: Monday - Saturday, 8 a.m. – 5 p.m. Closed: Sunday and Monday, April 4 Permanently Closes: April 29 |
SBA Business Recovery Center Hopkins County Hopkins County Regional Chamber of Commerce Madisonville, KY 42431
Hours: Monday - Friday, 8 a.m. – 6 p.m. Closed: Saturday and Sunday Permanently Closes: March 23 |
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SBA Business Recovery Center Graves County Fiscal Court (Temporary Location) Mayfield, KY 42066
Hours: Monday - Friday, 8 a.m. – 4 p.m. Closed: Saturday and Sunday
Permanently Closes: March 25 at 4 p.m. |
SBA New Business Recovery Center Marshall County Joe Creason Community Center The Joe Creason Room Benton, KY 42045
Opening: Thursday, March 24, 8 a.m. – 5 p.m. Hours: Monday - Saturday, 8 a.m. – 5 p.m. Closed: Sunday
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Customer Service Representatives will be available until further notice at the BRC to answer questions about the disaster loan program and assist business owners in completing their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
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 for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 2.83 percent for businesses, 1.875 percent for nonprofit organizations and 1.438 percent for homeowners and renters, with terms up to 30 years. Loan amounts 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 (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration # 17286.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at 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.
The deadline to return economic injury applications is Sept. 12, 2022.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.