FULTON COUNTY, KY -- Economic Injury Disaster Loans are now available to five counties in Kentucky due to the rain and flooding from Aug. 1, 2018 through March 5, 2019.
The U.S. Small Business Administration says that the loans are available to small businesses, agricultural cooperatives, and businesses engaged in aquaculture, as well as private nonprofit organizations.
These businesses located in Bell, Christian, Fulton, Todd, and Whitley Counties are eligible because they are contiguous to one or more primary counties in Tennessee, says Director of SBA's Field Operations Center East Kem Fleming.
Fleming also says that SBA understands that disasters do not usually stop at state or county lines, and for that reason, counties adjacent to primary counties named in the declaration are included.
The declaration says the loan program reaches out to farm-related and non-farm-related entities that suffered financial losses from the disasters. However, SBA says they cannot give the loans to agricultural producers, farmers, and ranchers; unless they are an aquaculture enterprise.
The loan amount can be up to $2 million with interests of 2.5 percent for private nonprofit organizations of all sizes and 3.675 percent for small businesses; with terms up to 30 years.
The SBA says eligibility is based on the size of the applicant, type of activity, and its financial resources. Additionally, loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. Granted, SBA says, the loans are not intended to replace lost sales or profits.
Businesses, cooperatives, and organizations that are eligible can apply online using the Electric Loan Application on the SBA's website, by clicking here.
You can also get the disaster loan information and application forms by calling SBA's Customer Service Center at 800-659-2955 (or 800-877-8339 for the deaf and hard-of-hearing) or by emailing email@example.com.
SBA says completed applications should be mailed to:
Applicants should submit their completed loan applications to SBA no later than April 1, 2020.