SBA Opens Disaster Loan Outreach Centers in Kentucky

WASHINGTON -The U.S. Small Business Administration announced the opening of a Disaster Loan Outreach Centers in Cumberland and Madison Counties to assist businesses, private nonprofit organizations, and residents affected by severe storms, straight-line winds, tornadoes, and flooding occurring June 18 - 27.

Beginning Wednesday and Thursday, Nov. 4 and 5, SBA customer service representatives will be on hand at the Disaster Loan Outreach Centers in Cumberland and Madison Counties to answer questions about SBA's disaster loan program, explain the application process, and help individuals complete their application. Walk-ins are welcome, and you can schedule an in-person appointment in advance at appointment.sba.gov.

The hours of operation are listed below:

CUMBERLAND COUNTY

Disaster Loan Outreach Center

Burkesville Fire Training Center

219 Mill St.

Burkesville, KY 42717

Opens at noon, Wednesday, Nov. 4

Hours: Monday - Friday, 9 a.m. - 6 p.m.

Saturday, 9 a.m. - 1 p.m.

Temporary closing: Wednesday, Nov. 11, in observance of Veterans Day

Closes permanently at 5 p.m. Wednesday, Nov. 18

MADISON COUNTY

Disaster Loan Outreach Center

Madison County Public Library

507 W. Main St.

Richmond, KY 40475

Opens at noon, Thursday, Nov. 5

Hours: Monday - Friday, 9 a.m. - 6 p.m.

Saturday, 9 a.m. - 1 p.m.

Temporary closing: Wednesday, Nov. 11, in observance of Veterans Day

Closes permanently at 5 p.m. Thursday, Nov. 19

"When disasters strike, SBA's Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities," said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA. "At these centers, our specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery."

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

The SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits - including faith-based organizations - impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business or private nonprofit did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.875% for homeowners and renters with terms of up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant's financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call the National Support Network Center at (866) SBA-HELP or email [email protected] 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 Dec. 28. The deadline to return economic injury applications is July 26, 2027.

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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, 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.