SBA Approves Millions for Kentucky Tornado Survivors, Deadline for Physical Damage Approaches | News

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On Sunday, the Small Business Administration approved more than $30 million in disaster loans for Kentucky homeowners, renters, businesses and nonprofits affected by the Dec. 10 tornado outbreak.

SBA spokeswoman Sally Graham told Local 6 the government agency approved $30,109,700 in disaster loans in Kentucky as of Sunday night and has 122 applications pending.

Three SBA Business Recovery Centers are open in Kentucky to help people apply for low-interest loans.

The BRC locations are:

  • The Joe Creason Community Center at 1600 Park Ave. in Benton.
  • The Hopkins County Regional Chamber of Commerce at 15 East Center St. in Madisonville.
  • The Western Kentucky University Business Acceleration Center at 2413 Nashville Road in Bowling Green.

SBA representatives are also available at Federal Emergency Management Agency disaster recovery centers. For the latest information on FEMA RDC locations and hours of operation, visit fema.gov/drc.

A reminder: the deadline to apply for an SBA loan for physical damage caused by the December 10 tornado is February 10. The deadline for economic injury loans that do not include physical damage caused by the storm is September 12.

The SBA flyer below includes information on how to apply for SBA loans. The loans offer interest rates as low as 2.83% for businesses and 1.875% for nonprofits, with a maximum loan amount of $2 million. Homeowners can apply for loans of up to $200,000 for their primary residence, and landlords and tenants can apply for up to $40,000 for personal property. Homeowner and tenant loans have interest rates as low as 1.438% and all loans have repayment terms of up to 30 years.






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