Flood victims can apply for loans - WDRB 41 Louisville News

Flood victims can apply for loans

Businesses and residents in southern Indiana and parts of Kentucky affected by the severe flooding this past August in southern Indiana can apply for low-interest disaster loans.

Those loans are through the U.S. Small Business Administration.  Gov. Mitch Daniels had requested a disaster declaration, which the administration granted.  It covers Clark, Floyd and Jennings counties as well as Bartholomew, Decatur, Harrison, Jackson, Jefferson, Ripley, Scott and Washington in Indiana and Jefferson, Oldham and Trimble counties in Kentucky.

Loans up to $200,000 are available for homeowners to repair or replace real estate that was damaged or destroyed.  Homeowners or renters are eligible for loans up to $40,000.

The Small Business Administration provided the following details about the loans: 

The Centers will be located in the following communities and will open as indicated:

Clarksville Town Hall
Executive Conference Room (2nd Floor )
2000 Broadway
Clarksville, IN 47129

Floyd County Emergency Management
1613 East Spring Street
Suite #4
New Albany, IN 47150

Jennings County Emergency Management
1001 Rodgers Park Drive
North Vernon, IN 47265
Opens: Friday, November 13, 8:00 am to 4:30 pm
Hours: Saturday, November 14, 9:00 am – 12:00 pm; Closed Sunday, November 15
Monday, November 16 – Thursday, November 19, 8:00 am to 4:30 pm
Closes: Thursday, November 19, at close of business

“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Gail Gesell, SBA’s Indiana district director.

The SBA also provides mitigation funds to disaster victims up to 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.

For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.750 percent for homeowners and renters, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Individuals and businesses unable to visit the Centers in person may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 9 p.m. EST, or by sending an e-mail to disastercustomerservice@sba.gov. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Indianans may apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is January 5, 2010. The deadline to return economic injury applications is August 6, 2010.

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