Disaster loans available for storm damage in June

Staff reports

Businesses and residents of Indiana affected by severe storms and floods on June 18 and 19 can apply for low-interest disaster loans from the US Small Business Administration.

The disaster declaration covers the counties of Jefferson and Monroe and the adjacent counties of Jackson, Brown, Clark, Greene, Jennings, Lawrence, Morgan, Owen, Ripley, Scott and Switzerland in Indiana and Carroll and Trimble in Kentucky .

The SBA has opened two outreach centers for disaster loans. The closest to Jackson County is at the Monroe County Convention Center, 302 S. College St., Bloomington. Hours of operation are 8 a.m. to 5 p.m. today until Friday, when the center will close permanently.

The center can be reached at 800-659-2955 for assistance in completing loan applications. Requests for program information can be obtained by sending an email to [email protected]

The deadline for returning property damage claims is September 7. The deadline for returning claims for economic damages is April 7, 2022.

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

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused. by disaster. This assistance is available whether or not the business has suffered property damage.

Loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants 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 up to 20% of their physical damage as verified by the SBA for mitigation purposes. Qualifying mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect the property and occupants from future damage from a similar disaster.

Interest rates are as low as 2.88% for businesses, 2% for nonprofits, and 1.625% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

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

Loan applications can also be downloaded from sba.gov/catastrophe.

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