$5M in Disaster Loans for Kentucky Small Biz
It felt like another hot summer day in Kentucky. And then rain started. In Louisville over six inches of rain fell in a single hour. The President declared it a federal disaster. And after small business owners scrambled to higher ground, they waited to be able to return to assess the damages and worried about how they would be able to rebuild.
According to Reuters, the Small Business Administration (SBA) has given its nod in approving upwards of $5 million in federal low-interest disaster loans for Kentucky homeowners, renters, and businesses who sustained damages from storms and flooding on August 4th 2009.
According to the Director of SBA's Field Operations Center East, the funds were approved for 320 SBA disaster loans targeting small business and homes. The loans, called Economic Injury Disaster Loans (EIDL) aim to provide working capital as the loanees get back on their feet. A business does not need to have suffered physical property damage to be eligible. The terms of the loan include a 4% interest rate and a maximum term length of 30 years.
The EIDL deadline for small businesses is May 14, 2010.
Related Resources:
- Disaster Assistance (Small Business Administration)
- DisasterAssistance.gov
- SBA Loans: Watch the Online Primer (FindLaw's Free Enterprise)
- SBA Disaster Loans: Who is Eligible and What Types Are There? (FindLaw's Free Enterprise)