The U.S. Small Business Administration is, once again, reminding eligible private non-profit organizations in Kentucky of the March 7 deadline to submit disaster loan applications for physical damages caused by the severe storms and tornadoes on December 10 and 11.
Organizations located in Caldwell, Christian, Fulton, Graves, Hart, Hickman, Hopkins, Logan, Lyon, Marion, Marshall, Muhlenberg, Ohio, Taylor, Todd and Warren counties qualify, and should typically include food kitchens, homeless shelters, museums, libraries, community centers, school and colleges.
PNP’s may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 1.875 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.
Eligible mitigation improvements may include a safe room or storm shelter, sump pump or French drain to help protect property and occupants from future damage caused by a similar disaster.
PNP organizations are urged to contact their county’s Emergency Manager to provide information about their organization. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the PNP should be referred to SBA for disaster loan assistance.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov/ela/s/ and should apply under SBA declaration #17303, 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 or sending an email to DisasterCustomerService@sba.gov.
