Indiana businesses and residents affected by severe storms and flooding on June 18 and 19 can apply for low-interest disaster loans from the U.S. Small Business Administration.
The disaster declaration covers Jefferson and Monroe counties, and the adjacent counties of Brown, Clark, Greene, Jackson, Jennings, Lawrence, Morgan, Owen, Ripley, Scott and Switzerland in Indiana; and Carroll and Trimble in Kentucky.
The SBA has opened two Disaster Loan Outreach Centers. The closest one to Brown County is in the Monroe County Convention Center, 302 S. College St., Bloomington. Hours are Monday through Friday, 8 a.m. to 5 p.m. The center will close permanently on Friday, July 16.
The SBA’s Disaster Customer Service Center can be reached at 800-659-2955 for assistance in completing their loan applications. Requests for SBA disaster loan program information may be obtained by emailing [email protected].
The filing deadline to return applications for physical property damage is Tuesday, Sept. 7, 2021. The deadline to return economic injury applications is April 7, 2022.
Businesses and private nonprofit organizations may 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 businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 2.88 percent for businesses, 2 percent for nonprofit organizations, and 1.625 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s.
Loan applications can also be downloaded at sba.gov/disaster.
