Some Kentucky nonprofits eligible for SBA disaster loans
Some private nonprofits affected by July storms in Kentucky may be able to apply for low interest disaster loans, the U.S. Small Business Administration announced Tuesday.
In a news release sent Tuesday, the SBA says some private nonprofits that don’t provide critical government services may still be eligible for disaster loans regarding storms, tornadoes, flooding, landslides and mudslides that happened between July 2 and July 9. The administration first announced it will offer loans for businesses and residents in the area at the beginning of August.
Now, it says examples of "eligible non-critical" private nonprofits include food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges, as well as some others. Those organizations may be able to borrow up to $2 million to fix or replace real estate, equipment, inventory and other assets damaged or ruined in the July severe weather.
The SBA says: "The interest rate is 2.625 percent with terms up to 30 years. 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."
The administration says those organizations can apply for economic injury disaster loans regardless of whether they’ve sustained physical property damage. Those loans are given to help with working capital, such as operating expenses.
Counties where the loans are available to private nonprofits in Kentucky are: Adair, Butler, Caldwell, Calloway, Christian, Clay, Crittenden, Daviess, Edmonson, Hart, Hopkins, Livingston, Lyon, Marshall, Metcalfe, Ohio, Todd, Trigg, Union and Webster.
To apply online, click here. You can also get information of disaster loans and forms for them by calling SBA customer services at 800-659-2955 or 800-877-8339 for deaf and hard-of-hearing people. You can email the administration at firstname.lastname@example.org.