SBA disaster assistance to businesses, residents in Nicholas County

Low interest loans, funds available for flood victims

NICHOLAS COUNTY, Ky. (WTVQ) – Kentucky businesses and residents affected by severe flash flooding on July 29-30, 2021, may apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced today.

Administrator Guzman made the loans available in response to a letter from Kentucky Gov. Andy Beshear on Oct. 26, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Nicholas County and the adjacent counties of Bath, Bourbon, Fleming, Harrison, Montgomery and Robertson in Kentucky.

“SBA’s mission-driven team stands ready to help Nicholas County’s small businesses and residents impacted by the July 29-30 flash flooding,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) in Nicholas County on Monday, Nov. 8 at 11 a.m. as indicated below:

SBA Disaster Loan Outreach Center (DLOC), Nichols County Public Library, 233 N. Broadway St., Carlisle, KY 40311
Hours:   Monday, Nov. 15 from 9 a.m. to 6 p.m.
Tuesday – Friday from 9 a.m. to 5 p.m.
Closes Permanently: Friday, Nov. 19 at 3 p.m. 

Customer Service Representatives will be available at the DLOC to answer questions about the disaster loan program and help individuals complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.

“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,” said SBA’s Kentucky District Director Robert Coffey.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDL 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,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.

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 2.855 percent for businesses, percent for nonprofit organizations, and 1.563 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 and should apply under SBA declaration #17260, not for the COVID-19 incident.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Jan. 3, 2022. The deadline to return economic injury applications is Aug. 3, 2022.

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