Disaster assistance is available for Laurel, Pulaski, Caldwell, Russell, Trigg and Union County home and business owners and some non-profits in those counties that sustained damage due to the May 16-17 tornadoes, straight-line winds and severe storms.
There is a July 22 deadline to see if they’re eligible for a long term, low interest Small Business Administration (SBA) loan.
A total of 20 people have died statewide as a result of the storms. Officials have confirmed that an EF-4 tornado struck parts of London and Laurel County damaging approximately 1,500 homes and killing 17 people just in Laurel County.
Business Physical Damage Loans of up to $2 million are available to repair or replace disaster-damaged property, real estate, inventories, supplies, machinery and equipment.
Home Disaster Loans of up to $500,000 are available to homeowners to repair/replace disaster-damaged real estate and up to $100,000 to homeowners and renters to replace personal property, including automobiles.
There’s no fee to apply and those who are offered an SBA disaster loan are under no obligation to take it. If you take the loan, you have up to one year to begin making payments with no accrued interest.
Interest rates are as low as 4 percent for businesses, 3.625 percent for nonprofit organizations, and 2.813 percent for homeowners and renters.
There is no need to wait for an insurance settlement or any other assistance in order to apply for these loans.
Applying online can be done through July 22 at DisasterLoanAssistance.sba.gov. However, it’s best done in person with a trained and experienced customer service representative.
In London, there is a SBA Business Recovery Center located at Kentucky Highlands Investment Corporation, which is located at 440 Old Whitley Road. Hours of operation are Monday-Friday from 9 a.m. – 7 p.m. and Saturday from 9 a.m. – 3 p.m.
There is a FEMA Disaster Recovery Center located at the Laurel County Public Library, which is located at 120 College Park Drive in London. Hours of operation are Monday-Saturday from 9 a.m. – 7 p.m. and Sunday from 1 – 7 p.m.
Survivors have two years from the date of their loan approval to request up to 20 percent of documented physical damages (verified by SBA) in mitigation funds to help protect property ad occupants from future disasters.
