The Small Business Administration says there’s a 60-day grace period for tornado and flood victims who want to apply for loans, even after some application deadlines have passed.
That grace period deadline for April flood victims ends next Thursday, September 25.
The grace period for those affected by southern Kentucky's tornadoes ends October 23.
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.
SBA spokesperson Jim Accurso says all that’s needed to start an application is some form of identification.
“Once the application is being processed and they get assigned away to the loan department, someone will get back to them and say you may need to provide some receipts for the work you've done already, maybe pictures of the damage,” Accurso said.
Accurso says one of the best ways to get an application started is to visit their centers in London and Frankfort.
“Folks can come in and get any questions answered, can get their applications, they can apply for a disaster loan, and they can do so without fee or without obligation,” he said.
More loans are available for those who put storm mitigation measures in place. That would owe up to around 20% of the declared damage value of their property.
“(That includes) changes to the structure, changes to their landscaping, the ability to have a storm shelter, or say, waterproof their basement, any number of mitigation measures that they may undertake,” Accurso said.
The SBA has a business recovery center set up in London at the Kentucky Highlands Investment Corporation on Old Whitley Road, and in Frankfort at the Expree Credit Union. 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.
