ATLANTA – The U.S. Small Business Administration (SBA) is reminding businesses, private nonprofit organizations, homeowners and renters in Kentucky affected by the severe storms, straight-line winds, tornadoes, landslides, and mudslides that occurred on May 21, 2024 through May 27, 2024 to apply for physical damage disaster loans by the Sept. 23 deadline.
The disaster declaration covers the primary counties of Butler, Caldwell, Calloway, Christian, Clay, Greenup, Hopkins, Knox, Logan, Muhlenberg, Simpson, Todd, Trigg, Warren and Whitley 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 Economic Injury Disaster Loans: Allen, Barren, Bell, Boyd, Carter, Crittenden, Edmonson, Graves, Grayson, Jackson, Laurel, Leslie, Lewis, Lyon, Marshall, McCreary, McLean, Ohio, Owsley, Perry and Webster in Kentucky; Lawrence and Scioto in Ohio; and Campbell, Claiborne, Henry, Montgomery, Robertson, Stewart and Sumner in Tennessee.
Those affected by the disaster should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
Applicants can still get assistance at SBA’s Business Recovery Centers (BRC’s) in Madisonville and Central City, Kentucky. Customer Service Representatives at the BRC will help 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 Centers addresses and hours of operation are indicated below.
Business Recovery Center
Hopkins County
Old Kentucky Lottery Corporation Office
114 Madison Square Dr
Madisonville, KY 42431
Hours: Monday – Saturday, 10 a.m. to 7 p.m.
Closed: Sunday
Business Recovery Center
Muhlenberg County
Muhlenberg County Fire Department Training Facility
61 Career Way
Central City, KY 42330
Hours: Monday – Saturday, 10 a.m. to 7 p.m.
Closed: Sunday
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for 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.
Submit completed loan applications to SBA no later than Sept. 23, 2024. The deadline to submit economic injury applications is April 23, 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.