The U.S. Small Business Administration (SBA) encourages businesses in Kentucky to apply for working capital loans before the Sept. 12 deadline. The disaster loan program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by the severe storms, straight-line winds, flooding and tornadoes that occurred on Dec. 10-11, 2021. To date, SBA approved 508 disaster home and business loans totaling $53,514,900.
This disaster declaration covers the counties of Adair, Allen, Barren, Boyle, Breckinridge, Butler, Caldwell, Calloway, Carlisle, Casey, Christian, Crittenden, Daviess, Edmonson, Fulton, Graves, Grayson, Green, Hancock, Hardin, Hart, Hickman, Hopkins, Larue, Livingston, Logan, Lyon, Marion, Marshall, McCracken, McLean, Metcalfe, Monroe, Muhlenberg, Nelson, Ohio, Simpson, Taylor, Todd, Trigg, Washington, Warren and Webster in Kentucky; Mississippi and New Madrid in Missouri; and Henry, Lake, Montgomery, Obion, Robertson, Stewart and Weakley in Tennessee.
These federal Economic Injury Disaster Loans (EIDL) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.83 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17287.