Kentucky residents who have been hit by harsh weather this spring can build on stronger by applying for a disaster loan from the US Small Business Administration, which could include funding to mitigate future property damage from a similar disaster.
Applicants affected by severe storms, floods, landslides and mudslides between February 27 and March 14, 2021 may be eligible for a loan increase of up to 20 percent of their physical damage, as confirmed by the SBA, to cover the cost of the improvements. Funding for the mitigation loan is provided in addition to the approved loan amount.
Examples of mitigation projects to prevent future floods might include: flattening and improving runoff, securing external fuel tanks, lifting utilities and service equipment, and installing vents, flood warning systems, a sump pump, French drain, or retaining wall.
Companies of all sizes, private nonprofits, homeowners and renters who qualify for an SBA disaster loan and do not apply before the deadline can leave disaster funds on the table. Property owners repairing damage that has not been covered by FEMA or private insurance will in most cases find that SBA disaster loans cover excavation, landscaping, decks, fences, sheds, garages, walkways, culverts, driveways, septic systems and wells that were damaged by the reported incident.
“The SBA has now approved 60 disaster loans in the amount of $ 2,861,400 in Kentucky for affected survivors. The SBA encourages everyone who has not applied to act now, ”said Kem Fleming, director of the SBA’s East Operations Center in Atlanta.
Disaster Statement applies to Anderson, Boyd, Bretitt, Clark, Clay, Estilla, Fayette, Floyd, Franklin, Greenup, Jackson, Jessamine, Johnson, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Lincoln, Madison, Magoffin, Martin , Morgan, Owsley, Perry, Powell, Pulaski, Rockcastle, Warren and Woodford counties, which are eligible for SBA loans for both disaster and property damage.
Small businesses and most private non-profit organizations in the following neighboring counties are eligible to apply for SBA Injury and Disaster Loans only: Allen, Barren, Bell, Bourbon, Boyle, Butler, Carter, Casey, Edmonson, Elliott, Garrard, Harlan, Henry, Knox, Lewis, Logan, McCreary, Menifi, Mercer, Montgomery, Nelson, Owen, Pike, Rowan, Russell, Scott, Shelby, Simpson, Spencer, Washington, Wayne, Whitley and Wolfe.
The deadline for filing claims for compensation for material damage is June 22, 2021. The deadline for returning claims for material damage is January 24, 2022.
To find out more, call 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster.