Staff Reports
Indiana businesses and residents in three area counties affected by severe storms and flooding on June 18 and 19 may apply for low-interest disaster loans from the U.S. Small Business Administration.
Administrator Isabella Casillas Guzman made the loans available in response to a letter from Indiana Gov. Eric Holcomb requesting a disaster declaration from the administration.
Business and residents in the declared area, which includes Brown, Jackson and Jennings counties, may apply for low-interest disaster loans. The disaster area is Jefferson and Monroe counties, along with Brown, Jackson and Jennings, Clark, Greene, Lawrence, Owen, Ripley, Scott and Switzerland.
The administration has opened two Disaster Loan Outreach Centers in Monroe and Jefferson counties, which will be operational through Friday.
One sit is the Monroe County Convention Center, 302 S. College Ave. in Bloomington and the other is Madison Area Chamber of Commerce, 301 E. Main St. in Madison.
Customer service representatives will be available to answer questions and to help individuals complete loan applications. Due to the pandemic, visitors are encouraged to wear a face mask when visiting either of the two sites.
Residents in the affected counties may also call the SBA’s Disaster Customer Service Center at 800-659-2955 for help in completing applications. More information is available by emailing [email protected].
Businesses and nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets, said Stacy Poynter, SBA’s Indiana District director.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits, the administration offers economic injury disaster loans to help meet working capital needs caused by the disaster. These loans are available regardless of whether the business suffered any physical property damage.
Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of up to 20% of physical damages, as verified by the administration, for mitigation purposes such as a safe room or storm shelter, sump pump, French drain or retaining wall to protect property int he future.
Interest rates as low as 2.88% for businesses, 2% for nonprofits and 1.625% for homeowners and renters are available, with terms up to 30 years.
Applicants may apply online at DisasterLoanAssistance.sba.gov/ela/s.
Forms may also be obtained by calling the administration’s customer service center at 800-659-2955 or emailing [email protected]. Loan applications may be downloaded at 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 for physical property damage is Sept. 7 and the economic injury applications are due by April 7, 2022.
