Indiana businesses and residents affected by tornadoes, high winds and severe storms from June 15 to 17 can apply for low-interest disaster loans from the U.S. Small Business Administration.
The disaster declaration covers Monroe, Brown, Greene, Jackson, Lawrence, Morgan and Owen counties in Indiana.
SBA’s customer service representatives will be available at a local disaster loan outreach center to answer questions about the loan program and help people complete their applications.
The closest center is in Monroe County at North Monroe Fire Station No. 5, 5081 North Old State Road 37, Ellettsville. It will be open from Tuesday, July 9 to Thursday, July 18, closed on Sundays.
The center will open at 11 a.m. July 9 and close at 4 p.m. July 18. Regular hours are 9 a.m. to 6 p.m. Monday through Friday; and 10 a.m. to 2 p.m. Saturday, July 13.
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 also 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. 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.
Applicants may apply online using the electronic loan application via SBA’s secure website at disasterloan.sba.gov.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or by emailing [email protected].
The deadline to return applications for physical property damage is Sept. 3, 2019. The deadline to return economic injury applications is April 3, 2020.
