SBA Disaster Loan Program Fact Sheet
SBA Opens Business Recovery Center News Release
- The US Small Business Administration (SBA) offers low-interest, long-term disaster loans to homeowners, renters, businesses of all sizes and non-profits to repair or replace property damaged by the recent tornados in Kentucky. The interest rate for homeowners and renters is as low as 1.438% with terms up to 30 years.
- Homeowners can borrow up to $200,000 to make repairs to their primary residences and renters and homeowners can borrow up to $40,000 to replace damaged contents of their homes, including furniture, appliances, and cars.
- Businesses can borrow up to $2 million to repair and/or replace damaged buildings, inventory, supplies and other business assets. Businesses can also apply for economic injury disaster loans to help pay the bills they would have been able to pay had the disaster not happen.
- Churches with storm damage may also apply for a disaster loan.
- Residents should first register with FEMA. We encourage everyone referred by FEMA to the SBA to complete a disaster loan before the deadline, even if they are not sure whether they want a disaster loan or think they may not qualify. If approved for a disaster loan, the applicant does not have to accept it and has time to decide whether a disaster loan is needed. Those that are denied a disaster loan are referred back to FEMA for any other assistance that they may be eligible to receive. However, they must complete the disaster loan application to be eligible for that assistance.
- There is no need to wait for insurance to be settled to apply for a disaster loan. A disaster loan may be received before insurance settles to get started on repairs. The insurance settlement will be used to pay down the loan and what the insurance doesn’t cover will be the balance of the loan.
- For more information about disaster loans or for the status of an application, call (800) 659-2955.
- Those wishing a paper application may call (800) 659-2955 to have one mailed to them.
- Individuals wanting one-on-one assistance completing their applications, can visit a FEMA Disaster Recovery Center (DRC) or an SBA Business Recovery Center (BRC). A Business Recovery Center is open at the Community Center at 1600 Park Street, Benton, KY