Deadline Approaching in Kentucky for SBA Working Capital Loans for Summer 2018 floods

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The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that July 23 is the filing deadline for federal economic injury disaster loans in Kentucky as a result of the continuous rainfall, excessive moisture and flash flooding from Aug. 30 through Sept. 27, 2018.

The SBA’s disaster declaration includes the following counties: Bath, Bourbon, Clark, Estill, Fayette, Fleming, Harrison, Lee, Madison, Menifee, Montgomery, Nicholas, Powell, Robertson, Scott and Wolfe in Kentucky.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loans are for working capital and can be up to $2 million with interest rates of 3.675 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

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