The U.S. Small Business Administration (SBA) opened a Business Recovery Center (BRC) in Benton to help storm victims submit disaster loan applications. Disaster loans are available for businesses and private nonprofits in areas covered by the president’s disaster declaration for the December 10 storms.
The declaration covers Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren counties. As a result, impacted businesses and most private nonprofits in those areas are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Organizations and businesses in several adjacent counties can apply for an SBA Economic Injury Disaster Loan. That includes Adair, Allen, Barren, Butler, Calloway, Carlisle, Casey, Christian, Crittenden, Edmonson, Green, Hickman, Larue, Livingston, Logan, Lyon, Marion, McCracken, McLean, Ohio, Simpson, Todd, Trigg, and Webster counties.
Information on the SBA Business Recovery Center’s hours and location are below. Loan recipients may borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory, and other business assets. Additionally, applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements 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 similar disaster.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. In addition, homeowners and renters can borrow up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
You can learn more about SBA disaster loans here. Applicants must submit requests for physical property damage by February 10, 2022, and economic injury applications by September 12, 2022.
SBA Business Recovery Center
Joe Creason Community Center
The Joe Creason Room1600 Park Avenue
Benton, KY 42025