The U.S. Small Enterprise Administration (SBA) introduced that federal Financial Damage Catastrophe Loans (EIDLs) are actually out there for small companies, small agricultural cooperatives, companies engaged in aquaculture, and most non-public nonprofit organizations in Kentucky. These loans are being supplied to assist companies which have suffered financial losses because of the drought that started on September 17, 2024.
The declaration covers the first counties of Boyd, Carter, Greenup, and Lawrence, in addition to the adjoining counties of Elliott, Johnson, Lewis, Martin, Morgan, and Rowan in Kentucky. Neighboring counties in different states, together with Lawrence and Scioto in Ohio and Wayne in West Virginia, are additionally eligible.
Eligibility and Mortgage Particulars
The SBA’s Financial Damage Catastrophe Mortgage program is out there to each farm-related and nonfarm-related companies which have skilled monetary losses as a direct results of the drought. Whereas the SBA can’t present catastrophe loans on to agricultural producers, farmers, and ranchers (aside from aquaculture enterprises), nurseries affected by drought situations are eligible to use for these loans.
Mortgage quantities could be as much as $2 million, with rates of interest of 4% for small companies and three.25% for personal nonprofit organizations. Mortgage phrases can lengthen as much as 30 years, and curiosity doesn’t start to accrue, nor are funds due, till 12 months from the date of the primary mortgage disbursement. Mortgage quantities and phrases are decided primarily based on every applicant’s monetary situation.
The loans are supposed to supply working capital and could also be used to cowl fastened money owed, payroll, accounts payable, and different payments that might have been paid if the catastrophe had not occurred. Nonetheless, these loans aren’t designed to exchange misplaced gross sales or income.
Utility Course of and Deadline
Eligible companies and nonprofits can apply for help on-line by visiting SBA.gov/catastrophe. Further data can also be out there by calling the SBA’s Buyer Service Heart at (800) 659-2955 or by emailing disastercustomerservice@sba.gov. People who’re deaf, arduous of listening to, or have a speech incapacity can use telecommunications relay providers by dialing 7-1-1.
The deadline to submit accomplished mortgage purposes is Might 23, 2025.
