ATLANTA – The U.S. Small Business Administration (SBA) announced today it will open a Disaster Loan Outreach Center (DLOC) in Kentucky. SBA is opening the Center to assist Kentucky businesses and residents with losses due to the severe storms and tornadoes on March 14 -15, 2024.
“Our Disaster Loan Outreach Centers are one of the most powerful resources at SBA’s disposal to support business owners and residents in the midst of a disaster,” said Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “Business owners and residents 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 declaration covers Trimble County and the adjacent counties of Carroll, Henry and Oldham in Kentucky, and Clark and Jefferson in Indiana.
Customer Service Representatives at SBA’s Disaster Loan Outreach Center will assist businesses and residents 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 Loan Outreach Center in advance. The Center will operate as indicated below.
Disaster Loan Outreach Center (DLOC)
Trimble County
Milton Elementary School Cafeteria
9245 US 421 North
Milton, KY 40045
Opening: Monday, July 8, 11 a.m. to 6 p.m.
Hours: Monday – Friday, 9 a.m. to 6 p.m.
Closed: Saturday and Sunday
Permanently Closes: Tuesday, July 23 at 4 p.m.
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.
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. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of 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, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms 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. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online and receive additional disaster assistance information visit 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 Aug. 26, 2024. The deadline to return economic injury applications is March 26, 2025.
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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 www.sba.gov.