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Disaster loans available to Kentuckians from SBA

Kentuckians who suffered damage due to this spring’s severe weather can rebuild stronger by applying for a disaster loan from the U.S. Small Business Administration, which may include funding to reduce future property damage from a similar disaster.

Applicants affected by severe storms, flooding, landslides and mudslides from Feb. 27 through March 14, 2021, may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA, to cover the cost of improvements. Mitigation loan funding is in addition to the amount of the approved loan.

Examples of mitigation projects to prevent future flooding may include: grading and runoff improvement, anchoring outdoor fuel tanks, elevating utilities and service equipment, and installing flood vents, a flood alert system, sump pump, French drain or retaining wall.

Businesses of all sizes, private nonprofit organizations, homeowners and renters that are eligible for an SBA disaster loan and do not apply before the deadline may be leaving disaster funds on the table. Property owners repairing damages that were not covered by FEMA or private insurance, find in most cases SBA disaster loans cover soil excavation, landscaping, decks, fencing, sheds, garages, walkways, culverts, driveways, septic systems and wells that were damaged due to the declared incident.

“Currently in Kentucky, the SBA has approved 60 disaster loans in the amount of $2,861,400 for affected survivors. The SBA encourages anyone who has not applied to act now,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.

The disaster declaration covers Anderson, Boyd, Breathitt, Clark, Clay, Estill, Fayette, Floyd, Franklin, Greenup, Jackson, Jessamine, Johnson, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Lincoln, Madison, Magoffin, Martin, Morgan, Owsley, Perry, Powell, Pulaski, Rockcastle, Warren and Woodford counties, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Allen, Barren, Bell, Bourbon, Boyle, Butler, Carter, Casey, Edmonson, Elliott, Garrard, Harlan, Henry, Knox, Lewis, Logan, McCreary, Menifee, Mercer, Montgomery, Nelson, Owen, Pike, Rowan, Russell, Scott, Shelby, Simpson, Spencer, Washington, Wayne, Whitley and Wolfe.

The filing deadline to return applications for physical property damage is June 22, 2021. The deadline to return economic injury applications is Jan. 24, 2022.

To find out more, call 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster.

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