Business Recovery Center Opens In Bowling Green To Help With Disaster Loans News

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FRANKFORT, Ky. (KT) – The US Small Business Administration, or SBA, is opening a third Business Recovery Center on Wednesday, to provide Kentucky businesses affected by the December 10 inclement weather with one-on-one assistance in submitting a loan application in disaster.

The most recent location is at the Western Kentucky University Center for Research and Development, 2413 Nashville Road in Bowling Green, to serve the Warren County area.

The other two are located at the Joe Creason Community Center, 1600 Park Ave., in Benton, for Marshall and surrounding counties; and the Hopkins County Regional Chamber of Commerce, 15 E. Center St. in Madisonville, for that region.

Customer service representatives will be available at the centers until further notice to answer questions about the disaster loan program and help business owners complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. This includes encouraging the wearing of masks.

These centers serve the area included in the federal disaster declaration, which covers Caldwell, Christian, Fulton, Graves, Hart, Hickman, Hopkins, Logan, Lyon, Marshall, Muhlenberg, Ohio, Taylor and Warren counties. Businesses in these counties are eligible for physical and economic disaster loans from the SBA.

Small businesses and most private non-profit organizations in the following adjacent counties can only apply for SBA Economic Disaster Loans: Adair, Allen, Barren, Breckinridge, Butler, Calloway, Carlisle, Casey, Crittenden, Daviess, Edmonson, Grayson, Green, Hancock, Hardin, Larue, Livingston, Marion, McCracken, McLean, Metcalfe, Simpson, Todd, Trigg and Webster.

Businesses and private nonprofits of any size can borrow up to $ 2 million to repair or replace property, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster. . Applicants may be eligible for an increase in the loan amount up to 20 percent of their physical damage, as verified by the SBA, for mitigation purposes. Qualifying mitigation upgrades may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a disaster. similar.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused. by disaster. Economic Damage Claim Assistance is available whether or not the business has suffered property damage.

Disaster loans of up to $ 200,000 are available to homeowners to repair or replace real estate damaged or destroyed by a disaster. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace personal property damaged or destroyed by a disaster.

Applicants can apply online using the electronic loan application through the SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and must apply under SBA Statement # 17286. To be considered for all forms of disaster assistance, applicants must download the FEMA mobile app or register online at Disaster Assistance.gov. If online or mobile access is not available, applicants can call the FEMA toll-free helpline at 800-621-3362.

The deadline for submission is February 10, 2022.


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