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SBA Offers Assistance To Kentucky Small Businesses Impacted By Storms
Written by Tim Morral
SBA Administrator Karen Mills releases statement reiterating support and services that are available to Kentucky businesses in the wake of the state's recent natural disaster.
The Small Business Administration (SBA) has announced that it will offer a range of services and programs for Kentucky small businesses after President Obama declared the region a disaster area. Several counties in Kentucky were severely impacted by a string of storms, tornadoes, winds and flooding from February 29 through March 3.
In a released statement, SBA Administrator Karen Mills says, "The U.S. Small Business Administration is strongly committed to providing the people of Kentucky with the most effective and customer-focused response possible to assist homeowners, renters, and businesses with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA."
Businesses located in Johnson, Kenton, Laurel, Lawrence, Menifee, Morgan and Pendleton counties dealing with small business disaster recovery issues are eligible for Physical and Economic Injury Disaster Loans from the SBA. Additionally, businesses and nonprofit organizations located in many nearby counties may also qualify for Economic Injury Disaster Loans.
SBA Economic Injury Disaster Loans are designed to help small businesses meet their needs for working capital in the wake of a natural disaster and are available even if the business did not suffer physical damage as a result of the disaster event. The terms of these loans are based on the business's financial condition, but may feature rates as low as 4% for businesses (3% for nonprofits) and terms of up to 30 years.
Filing deadline for businesses that suffered physical property damage is May 7th; the deadline for economic injury assistance is December 6th. For more information, visit the Small Business Administration website at www.sba.gov.
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