ATLANTA - The U.S. Small Business Administration (SBA) announced today it will open a Business Recovery Center (BRCs) in Kentucky. SBA is opening this center to assist Kentucky businesses and residents with losses due to the severe storms, straight-line winds, tornadoes, landslides, and mudslides that occurred on April 2, 2024.
“Our Business Recovery Centers are one of the most powerful resources at SBA’s disposal to support business owners in the midst of a disaster,” said Francisco Sánchez, Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience. “Business owners can meet in person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery.”
The disaster declaration covers Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union and Whitley 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 (EIDLs): Bell, Bourbon, Bracken, Bullitt, Carroll, Clark, Crittenden, Elliott, Fleming, Franklin, Garrard, Hardin, Henderson, Knox, Laurel, Lawrence, Lewis, Madison, McCreary, Mercer, Owen, Robertson, Rowan, Scott, Shelby, Spencer, Trimble, Webster and Woodford in Kentucky; Gallatin and Hardin in Illinois; Harrison, Posey, Floyd and Clark in Indiana; Lawrence, Scioto, Adams and Brown in Ohio; Claiborne and Campbell in Tennessee; and Wayne in West Virginia.
Customer Service Representatives at SBA’s Business Recovery Center will assist business owners complete their disaster loan application, accept documents, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Recovery Center in advance. The Center will operate as indicated below.
Business Recovery Center
Jefferson County
Fire Station
Prospect, KY 40059
Opening: Tuesday, May 28 at 1 p.m. to 6 p.m.
Hours: Monday – Friday, 8 a.m. to 6 p.m.
Saturday, 9 a.m. to 3 p.m.
Closed: Sunday
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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) 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 $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is July 22, 2024. The deadline to return economic injury applications is Feb. 24, 2025.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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 http://www.sba.gov.