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March 1 is Deadline to Apply for SBA Economic Injury Disaster Loans
ATLANTA - The U.S. Small Business Administration is reminding businesses in Kentucky that Economic Injury Disaster Loans are still available to small businesses economically impacted by the ice storms and heavy rains that occurred from Jan. 26 – Feb. 13, 2009.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the March 1 deadline,” said Frank Skaggs, director of SBA Field Operations Center East.
Small businesses in the following counties are eligible to apply: Anderson, Boyle, Breckinridge, Bullitt, Caldwell, Casey, Christian, Crittenden, Garrard, Hardin, Henderson, Hopkins, Larue, Lincoln, Marion, McLean, Meade, Mercer, Muhlenberg, Nelson, Spencer, Todd, Trigg, Union, Washington and Webster in Kentucky; Crawford, Harrison and Perry in Indiana, and Montgomery and Stewart counties in Tennessee.
Loans are available up to $2 million for small businesses that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.
The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. Eligibility for the program is based on the size and type of business and its financial resources.
To obtain a loan application, interested business owners should contact the SBA’s Customer Service Center by calling 800-659-2955 (800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 6 p.m. EST or send an e-mail to firstname.lastname@example.org. Business disaster loan applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Victims may visit the SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans.
The deadline for economic injury applications is March 1, 2010.