ATLANTA– In response to a Presidential catastrophe declaration issued April 24, 2025, the U.S. Small Enterprise Administration (SBA) introduced the supply of low curiosity federal catastrophe loans for Kentucky small companies, nonprofits, and residents affected by the extreme storm, straight-line winds, tornadoes, flooding, landslides and mudslides starting April 2.
The catastrophe declaration covers the first counties of Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford, that are eligible for each bodily harm loans and Financial Damage Catastrophe Loans (EIDLs) from the SBA. Small companies and most personal nonprofit (PNP) organizations within the following adjoining counties are eligible to use just for SBA EIDLs: Ballard, Bourbon, Boyle, Breckinridge, Bullitt, Caldwell, Carlisle, Edmonson, Estill, Fayette, Gallatin, Garrard, Grant, Graves, Grayson, Hart, Henry, Jefferson, Larue, Livingston, Logan, Madison, Marshall, McLean, Meade, Montgomery, Muhlenberg, Nelson, Ohio, Powell, Scott, Shelby, Spencer, Todd, Trigg, Trimble, Warren, Washington and Webster in Kentucky, Massac and Pulaski in Illinois, Harrison, Jefferson and Switzerland in Indiana in addition to Montgomery and Stewart in Tennessee.
Companies and nonprofits are eligible to use for enterprise bodily catastrophe loans and will borrow as much as $2 million to restore or change disaster-damaged or destroyed actual property, equipment and gear, stock, and different enterprise belongings.
Householders and renters are eligible to use for dwelling and private property loans and will borrow as much as $100,000 to exchange or restore private property, akin to clothes, furnishings, automobiles, and home equipment. Householders might apply for as much as $500,000 to exchange or restore their major residence.
Candidates might also be eligible for a mortgage improve of as much as 20% of their bodily harm, as verified by the SBA, for mitigation functions. Eligible mitigation enhancements embrace strengthening constructions to guard in opposition to excessive wind harm, upgrading to wind rated storage doorways, and putting in a protected room or storm shelter to assist shield property and occupants from future harm.
“One distinct benefit of SBA’s catastrophe mortgage program is the chance to fund upgrades lowering the danger of future storm harm,” mentioned Chris Stallings, affiliate administrator of the Workplace of Catastrophe Restoration and Resilience on the SBA. “I encourage companies and householders to work with contractors and mitigation professionals to enhance their storm readiness whereas making the most of SBA’s mitigation loans.”
SBA’s EIDL program is accessible to eligible small companies, small agricultural cooperatives, nurseries, and PNPs with monetary losses straight associated to this catastrophe. The SBA is unable to offer catastrophe loans to agricultural producers, farmers, or ranchers, aside from aquaculture enterprises.
EIDLs are for working capital wants attributable to the catastrophe and can be found even when the enterprise didn’t endure any bodily harm. They might be used to pay mounted money owed, payroll, accounts payable, and different payments not paid because of the catastrophe.
Rates of interest are as little as 4% for small companies, 3.625% for PNPs, and a pair of.750% for householders and renters, with phrases as much as 30 years. Curiosity doesn’t start to accrue, and funds should not due, till 12 months from the date of the primary mortgage disbursement. The SBA units mortgage quantities and phrases, primarily based on every applicant’s monetary situation.
Starting Monday, April 28, SBA customer support representatives can be available on the Enterprise Restoration Heart in Franklin County to reply questions on SBA’s catastrophe mortgage program, clarify the applying course of and assist people full their utility. Stroll-ins are accepted, however you’ll be able to schedule an in-person appointment upfront at appointment.sba.gov.
The BRC hours of operation are listed under:
Enterprise Restoration Heart (BRC)
Franklin County
Expree Credit score Union
100 Moore Drive
Frankfort, KY 40601
Opening: Monday – April 28, 8 a.m. to five p.m.
Hours: Monday – Thursday, 8 a.m. to five p.m.
Friday, 8 a.m. to six p.m.
Saturday, 9 a.m. to 1 p.m.
Closed: Sunday
Catastrophe survivors shouldn’t wait to settle with their insurance coverage firm earlier than making use of for a catastrophe mortgage. If a survivor doesn’t understand how a lot of their loss can be lined by insurance coverage or different sources, SBA could make a low-interest catastrophe mortgage for the full loss as much as its mortgage limits, offered the borrower agrees to make use of insurance coverage proceeds to cut back or repay the mortgage.
With the adjustments to FEMA’s Sequence of Supply, survivors are actually inspired to concurrently apply for FEMA grants and the SBA low-interest catastrophe mortgage help to totally get well. FEMA grants are supposed to cowl needed bills and severe wants not paid by insurance coverage or different sources. The SBA catastrophe mortgage program is designed in your long-term restoration, to make you complete and get you again to your pre-disaster situation.
To use on-line, go to sba.gov/catastrophe. Candidates might also name SBA’s Buyer Service Heart at (800) 659-2955 or e-mail [email protected] for extra data on SBA catastrophe help. For people who find themselves deaf, laborious of listening to, or have a speech incapacity, please dial 7-1-1 to entry telecommunications relay providers.
The submitting deadline to return functions for bodily property harm is June 23, 2025. The deadline to return financial damage functions is Jan. 26, 2026.
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Concerning the U.S. Small Enterprise Administration
The U.S. Small Enterprise Administration helps energy the American dream of enterprise possession. As the one go-to useful resource and voice for small companies backed by the energy of the federal authorities, the SBA empowers entrepreneurs and small enterprise homeowners with the assets and help they should begin, develop or develop their companies, or get well from a declared catastrophe. It delivers providers via an in depth community of SBA area workplaces and partnerships with private and non-private organizations. To be taught extra, go to www.sba.gov.
