SBA offering low-interest loans to tornado-affected residents
The U.S. Small Business Administration is offering low-interest disaster loans to individuals, businesses, and nonprofits impacted by the May 16 tornado that struck Laurel County.
As of press time Tuesday afternoon, 79 — 61 homes, 13 businesses, and five EIDL (Economic Injury Disaster Loan) — Kentuckians have applied for an SBA disaster loan, and 17 home loan applications have been offered for just over $2.8 million.
Eligible residents can receive in-person assistance at a Business Recovery Center now open in London. The center is at the Kentucky Highlands Investment Corporation, located at 440 Old Whitley Road. It is open Monday through Friday from 9 a.m. to 6 p.m. through July 2.
SBA representatives are available on site to help applicants complete their forms and answer questions about loan programs.
The SBA is providing several types of loans for those who suffered damage from the storms:
— Business Physical Disaster Loans: Up to $2 million for businesses to repair or replace damaged property, equipment, inventory, or supplies.
— Home Disaster Loans: Up to $500,000 for homeowners and renters to repair or replace disaster-damaged real estate and personal property, including vehicles.
— Economic Injury Disaster Loans (EIDL): Up to $2 million in Russell and 20 additional Kentucky counties for small businesses and nonprofits to help cover ongoing operating expenses such as payroll and rent.
According to Public Affairs Specialist James "Jim" Accurso, interest rates can be as low as 2.688% for homeowners and renters, 4% for businesses, and 3.25% for nonprofits. Loan terms can extend up to 30 years.
Accurso also shared there is no cost to apply, and residents are not obligated to accept a loan if offered. Survivors may additionally qualify for mitigation funds to help strengthen properties against future disasters.
Although Accurso recommends visiting the center in person to receive guidance from trained customer service representatives, applications can also be completed online at https://disasterloanassistance.sba.gov.
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