SBA disaster loans available for Louisville businesses and residents impacted by storms and flooding
Louisville businesses and residents affected by the severe storms and heavy flooding from Feb. 21 through March 21, 2018, can apply for low-interest disaster loans from the U.S. Small Business Administration, officials announced Wednesday.
The loans were made available after the state of Kentucky on May 1 requested a disaster declaration by the SBA, which covered Jefferson, Hardin, Breckinridge, Bullitt, Grayson, Hart, LaRue, Meade, Nelson, Oldham, Shelby and Spencer counties in Kentucky, and Clark, Floyd and Harrison counties in Indiana.
In Jefferson County, SBA’s representatives will be available at the Disaster Loan Outreach Center set up at T.J. Middle School’s First Neighborhood Place, 1503 Rangeland Road, to answer questions about the disaster loan program and help individuals complete their applications. The center will be open from 10 a.m. to 4 p.m. on Thursday, May 24, and from 8 a.m. to 4 p.m. on weekdays. (Closed on Memorial Day weekend). The Center will close on May 31st.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets, according to SBA Kentucky District Director Ralph E. Ross.
For homeowners, loans up to $200,000 are available to repair or replace damaged or destroyed real estate. Homeowners and renters also are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property, according to the SBA.
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.
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. Interest rates are as low as 3.58 percent for businesses, 2.5 percent for nonprofit organizations, and 1.8 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 (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Businesses and individuals 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 email@example.com. Loan applications can also be downloaded at sba.gov. 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 filing deadline to return applications for physical property damage is July 23, 2018. The deadline to return economic injury applications is Feb. 22, 2019.