LEXINGTON, Ky. (FOX 56) – Help is on the way for small businesses as clean-up efforts continue in eastern Kentucky for homes and residents affected by the floods.

Businesses affected by the disaster can get low-interest loans from the U.S. Small Business Administration.

It’s hard to tell how many businesses were impacted by last month’s flooding, but the SBA has different kinds of loans available.

The most popular is the “Business Physical Disaster Loans.” This type of loan covers any physical damage you can see caused by the flooding. The second most popular is “Economic Injury Disaster Loans.” This type of loan covers any financial obligations that cannot be met during the recovery period because of the disaster.

Tauheedah Mateen, Public Affairs Specialist with the Office of Disaster Assistance with the SBA said, “For those business owners, they have a limit of up to $2 million that they can receive to repair and replace their business or replace for their financial loses that they may have closed down or are still shut down so they would have to make sure they are still able to pay the bills as if the disaster never happened.”

To get assistance from these loans, you must be registered with FEMA. The deadline to apply for Physical Damage is Sept. 28 and for Economic Injury the deadline is May 1, 2023.

“So the first step that we always say is register with FEMA. Businesses, you will be referred directly to the SBA, but that’s ok make sure you DO NOT skip that step. If for some reason the SBA cannot help you, we will refer you back to FEMA for additional grant consideration,” said Mateen.

You can register for assistance at the FEMA website or call 1-800-621-3362.

“Don’t let the name Small Business Administration fool you, the SBA also helps homeowners and even renters,” Mateen said, “Homeowners can receive up to $200,000 to replace and repair their real estate even renters can receive up to forty thousand dollars to replace their personal items including automobile.”

Many flood victims are already getting the help they need. The SBA said they have already been approved more than $900,000 in loans.

If you are needing assistance or want more information, you can go to the SBA website or call 1-800-659-2955. There are three disaster relief centers in eastern Kentucky. The SBA encourages you to speak to a representative in person. The locations are:

Perry County -SBA Business Recovery Center
Hazard Community and Technical College
Jolly Classroom Center
1 Community College Drive Hazard, Ky. 41701
Hours: Daily, 9 a.m. – 7 p.m.

Letcher County -SBA Business Recovery Center
Appalachian Groundswell
229 East Main Street
Whitesburg, Ky. 41858
Hours: Daily, 9 a.m. – 7 p.m.

Clay County -SBA Business Recovery Center
Eastern Kentucky University – Manchester
50 University Drive
Manchester, Ky. 40962
Hours: Daily, 9 a.m. – 7 p.m.