The Small Business Administration is offering loans to tornado victims in southern Kentucky to help the rebuilding process.
Those loans are available for homeowners, renters, nonprofits and businesses. Residents can apply for up to $500,000 to replace or repair their homes, and can also borrow up to $100,000 to replace or fix personal property.
Businesses can borrow up to $2 million to replace or repair their real estate, equipment or other assets. Repayments don’t begin for one year, and are interest free during that time.
Jim Accurso is a spokesperson for the Small Business Administration. He says the agency has officers that will help with the loan terms.
“The terms are up to 30 years, typically, 7, 15, or 30 years. You set that with your loan officer when you apply, and then once you are offered the loan, our goal is to get the money to you as soon as we can, as soon as five days,” Accurso said.
Accurso says other loans are available for storm mitigation.
“They can also get additional funds for up to two years for mitigation measures, anything they could put in place to keep additional storm damage from happening to their home, their roof, their property, or the like,” he said.
The SBA has a business recovery center set up in London at the Kentucky Highlands Investment Corporation on Old Whitley Road. Representatives are also available at any FEMA disaster recovery center in the affected area.
Victims can also apply online or through the SBA’s helpline at 800-659-2955, and more info can be found by emailing disastercustomerservice@sba.gov. The deadline to apply is July 22.
