The Small Business Administration is working to help communities in eastern Kentucky recover from the April 2 storms.
Jim Accurso is a Public Affairs Specialist with the Small Business Administration’s Office of Disaster Recovery and Resilience. He said the organization is offering loans with low interest rates to businesses and homeowners.
“For the businesses it can help cover the structure, as well as the inventory and the contents of the business, those can be claimed as part of a business physical damage loan, and the business physical damage loan maximum is 2 million dollars, the homeowner physical damage loan is $500,000, and that’s to repair/replace disaster damaged real estate,” said Accurso.
Accurso also said the homeowner loan can be utilized by renters to help replace personal property, like cars. He said the application process is simple, and those who apply will be considered first and foremost on a need basis. They will also consider applicants based on their ability to repay, not a credit score.
“We’ll also offer additional coverage if you put in place any measures to keep a disaster from recurring, so mitigation measures. And that would be an additional 20% on top of the damage amount that you can get money for. Say, taking out trees or putting in a sump-pump or waterproofing your basement,” said Accurso.
Accurso said the funds have no payment or interest for 12 months after the first disbursement.
More information and applications can be found at SBA.gov/disaster. The first application deadline is July 22.