A FEMA Disaster Recovery Center and Small Businesses Administration disaster assistance location reopens Thursday in Barren County. The agencies will be available through Jan. 27.
(BRENNAN CRAIN/WCLU NEWS)
CAVE CITY — The Small Business Administration and Federal Emergency Management Agency’s Disaster and Business Recovery Centers are slated to reopen Thursday in Barren County.
The Small Business Administration and Federal Emergency Management Agency continues to assist those impacted by recent inclement weather that brought tornadoes and other severe weather.
President Joe Biden issued a presidential disaster declaration following the Dec. 10 and 11 storms. The loans seek to mitigate losses due to severe storms, straight line winds, flooding and tornadoes.
“We have already approved $20,756,000 in disaster loans for this declaration,” said SBA Communications Specialist, Ying Elliott.
Barren County is one of 15 primary counties included in the declaration.
“As a primary county, residents and businesses are eligible to apply for both physical damage disaster loans and economic injury disaster loans.”
Aside from small businesses, the SBA assists businesses of all sizes, private non-profits and renters.
The physical damage loan deadline is Feb. 10, 2022, and the economic injury loan’s deadline is Sept. 12, 2022. Click here for more disaster loan information.
Elliott said only a “satisfactory” credit history is necessary to apply. It’s not necessary to have outstanding credit history. Interest rates are as low as 2.83 percent for businesses and 1.875 percent for non-profits and 1.438 percent for homeowners and renters.
The SBA announced last week certain private non-profit organizations in Kentucky may be eligible for low-interest disaster loans. The loans are ideal for non-profits that do not provide critical services of a governmental nature.
Private non-profits must first apply for disaster assistance from SBA and exhaust loan assistance before applying to FEMA. Those organizations may also apply for FEMA assistance if SBA declines to approve their loan application.
FEMA assistance is available to residents in Barren, Hart and Warren Counties. Other counties across the state impacted by the storms are, too.
“To be considered for all forms of disaster assistance, we advise applicants to first register with FEMA,” Elliott said. “As for business, if you’re a business owner, you can also apply directly with SBA.”
Disaster recovery may be applied for at https://www.disasterassistance.gov. The deadline to apply is Feb. 11, 2022. The toll-free number to apply is (800) 621-3362. A form can also be mailed to prospective applicants.
Completed loan applications should be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
“You do not have the obligation to accept a loan even if your application is approved,” Elliott said. “But it is really important to apply before the deadline.”
There is no cost to apply for the loan, no obligation to accept it, no cost to close a loan, and no penalty for paying the sum at once. The first payment is deferred 18 months from the promissory note, Elliott said.
Loan application assistance will also be available in Cave City at the Disaster and Business Recovery Centers Thursday, Jan. 20 through Thursday, Jan. 27. The DRC and BRC will be open at the city hall building in Cave City at 103 Duke St.
Other assistance hubs are available here.