ATLANTA, March 7 /PRNewswire-USNewswire/ -- More than $3 million in U.S. Small Business Administration Disaster Assistance Loans have been approved for business owners in Kentucky who were affected economically by the below average water levels which began January 1, 2007 and continues. However, the SBA fears many have not taken advantage of the opportunity to apply for these low interest disaster loans.
Small businesses that sustained economic injury in the following counties are eligible to apply: Adair, Casey, Clay, Clinton, Cumberland, Jackson, Knox, Laurel, Lincoln, McCreary, Pulaski, Rockcastle, Russell, Wayne, and Whitley in the Commonwealth of Kentucky; and Campbell, Clay, Pickett and Scott in the State of Tennessee.
"Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the March 26, 2008 deadline," said Frank Skaggs, Director of SBA Field Operations Center East. "Currently, only 15 business disaster loans have been approved in the amount of $3,609,700 for the affected victims."
The interest rate for these loans is 4 percent with loan terms up to 30 years. Economic Injury Disaster Loans are available to small businesses unable to pay bills or meet operating expenses because of the disaster with loan limits up to $1.5 million. Actual terms are set by the SBA, and are based on each applicant's financial condition.
Program information is available by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired); Monday through Friday from 8 a.m. until 9 p.m. and Saturday from 9 a.m. to 5 p.m. EDT. Business loan applications can also be downloaded from the SBA website at http://www.sba.gov/. Completed applications may be returned to any of the Disaster Loan Outreach Centers or be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Ft. Worth, TX 76155.
The deadline to return economic injury applications is March 26, 2008.
For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/.
U.S. Small Business Administration
