Small Businesses Affected by Deadly Flooding in Kentucky Can Get $2 Million in Disaster Loans

The Small Business Administration (SBA) has announced that low-interest disaster loans will be available to businesses and residents in Kentucky following the announcement of a presidential disaster declaration due to severe storms, flooding, mudslides and mudslides of land that began on July 26.

Small businesses affected by deadly flooding in Kentucky can get $2 million in disaster loans

Torrential rains in eastern Kentucky have killed at least 37 people so far, including four children, Reuters reports. Gov. Andy Beshear warned that more dangerous weather is coming for the region.

Kentucky Disaster Declaration Coverage

The presidential disaster declaration covers Kentucky’s Breathitt, Clay, Knott, Letcher and Perry counties, which will be eligible for SBA physical and economic damage disaster loans.

Small businesses and most private nonprofits in Bell, Floyd, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Magoffin, Owsley, Pike and Wolfe in Kentucky and Wise in Virginia are also eligible for sole· bid only for SBA financial damages. Disaster Loans (EIDL).

Businesses and private nonprofits of any size can borrow up to $2 million to repair or replace property, machinery and equipment, inventory, and other business assets damaged or destroyed by a disaster. Small businesses such as agricultural cooperatives and those engaged in aquaculture are offered EIDL to help meet working capital needs caused by the disaster. Special financial assistance is available regardless of whether a business has suffered any physical property damage.

In addition, disaster loans of up to $200,000 are available to homeowners to help repair or replace real estate damaged or destroyed by a disaster.

Helping communities “recover and rebuild”

SBA Administrator Isabella Casillas Guzman said, “SBA’s mission-driven team stands ready to help small businesses and Kentuckians affected by this disaster in every way possible according to the statement President Biden’s disaster funds for certain affected areas. We are committed to providing federal disaster loans quickly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

A statement on the SBA website explained eligibility: “Applicants may be eligible for a loan amount increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect the property and occupants from future damage caused by a similar disaster.

“Applicants who have an SBA disaster loan are eligible to apply under this statement. Businesses and residents with previous SBA disaster loans and current applicants have up to two years from the date of your loan pre-approval to apply for a loan increase for mitigation projects.

SBA Associate Administrator Francisco Sanchez Jr. added, “The opportunity to include measures to help prevent future damage from occurring is an important benefit of SBA’s disaster loan program. I encourage everyone to consult your contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for financing.”

How to apply for EIDL assistance

Applicants may apply online using the electronic loan application on SBA’s secure website, and applications must be submitted under SBA Statement #17546. Loan amounts and terms are set by the SBA and are based on each applicant’s individual financial situation.

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