Disaster Loans Available For Hurricane Damage In June

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Staff reports

Indiana businesses and residents affected by severe storms and floods on June 18 and 19 can apply for a low interest rate disaster loan from the US Small Business Administration.

The Distress Declaration applies to Jefferson and Monroe Counties and adjacent Jackson, Brown, Clark, Green, Jennings, Lawrence, Morgan, Owen, Ripley, Scott and Switzerland counties in Indiana, and Carroll and Trimble in Kentucky.

The SBA has opened two disaster credit information centers. The closest to Jackson County is the Monroe County Convention Center, 302 S. College St., Bloomington. Opening hours: 8:00 am to 5:00 pm from today to Friday, when the center will be closed permanently.

The center can be called 800-659-2955 for assistance in completing loan applications. Requests for information about the program can be received by e-mail. FOCE-Help@sba.gov

The deadline for filing claims for compensation for material damage is September 7th. The deadline for returning claims for compensation for economic damage is April 7, 2022.

Businesses and private nonprofits can borrow up to $ 2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations, SBA offers economic loss loans to help meet the working capital needs caused by the disaster. This help is available regardless of whether the business has suffered physical property damage.

Loans up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed properties. Homeowners and renters are eligible for loans of up to $ 40,000 to repair or replace damaged or destroyed personal property.

Applicants may be eligible for an increase in the loan amount of up to 20% of their physical damage, as confirmed by the SBA for mitigation purposes. Acceptable mitigation improvements could include a safe room or shelter from the rain, a sump pump, a French downspout or retaining wall to help protect property and residents from future damage caused by a similar disaster.

Interest rates are just 2.88% for businesses, 2% for nonprofits, and 1.625% for homeowners and tenants with terms of up to 30 years. Loan amounts and conditions are set by the SBA and are based on the financial condition of each applicant.

Applicants can apply online using the online loan application through the secure SBA website at disasterloanassistance.sba.gov / ela / s

Loan applications can also be downloaded at sba.gov/disaster

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