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Small business disaster declaration approved for Eastern Kentucky

For counties affected by August storms

FRANKFORT, Ky. (Oct. 31, 2014) — The U.S. Small Business Administration (SBA) has approved Gov. Steve Beshear’s request for a disaster declaration in Floyd, Johnson, Knott, Magoffin, Martin and Pike counties following the heavy rain and flash flooding in August that washed out roads and forced people from their homes.

sbaThe declaration opens the door for Kentucky residents and businesses most affected by the severe storms, flooding, landslides and mudslides to apply for low-interest disaster loans from the SBA.

“Many of our families and small businesses in these counties were severely impacted by the storms that hit Kentucky in mid-August,” Beshear said. “I am grateful that our request has been granted to help these residents and businesses begin to rebuild their homes, offices and livelihoods.”

Businesses and nonprofit 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.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit 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.

In addition, loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, and up to $40,000 to homeowners and renters to repair or replace damaged or destroyed personal property.

SBA’s customer service representatives are available at the Disaster Loan Outreach Center, located at 132 Cliff Rd. in Prestonsburg, to answer questions about the disaster loan program and help individuals complete their applications. The center will be open from 9 a.m. to 6 p.m. from Nov. 4-7 and Nov. 10 and Nov. 12. Hours on Nov 8 will be 9 a.m. to 1 p.m. The office will be closed Nov. 9 and Nov. 11.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Individuals and businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected]. Loan applications can also be downloaded at www.sba.gov/disaster. 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, Texas 76155.

The filing deadline to return applications for physical property damage is Dec. 29. The deadline to return economic injury applications is July 30, 2015.