The deadline for businesses and individuals to apply for storm damage relief through the Small Business Administration is fast approaching.
Historic rainfall in early April caused flooding that killed seven people, damaged homes and businesses, and forced evacuations.
Federal officials approved 37 counties for eligibility for federal aid, including the counties of Butler, Daviess, Hardin, Hart, and Warren, as well as multiple counties in western Kentucky.
Residents and organizations in or near areas that received a federal disaster declaration can utilize low-interest SBA loans for property damage and economic losses.
Victims of the April 2nd storms and floods have until June 23 to apply for a Physical Damage Loan.
Those applying for an Economic Injury Loan have until January 26, 2026.
Lane Davis, a Public Affairs Specialist with the SBA, tells anyone considering the services, “apply, apply, apply.”
He said applicants can request additional funding to protect against any disasters to come.
“You can apply for an extra 20% to mitigate your property, meaning protect it against future disasters,” Davis said. “That 20% extra isn’t from that initial loan you applied for, but rather 20% of the total loss.”
That additional funding can be used to improve drainage systems to prevent flooding or to install impact-resistant windows to combat dangerous winds, for example.
Business and non-profit loans can be eligible for up to $2 million worth of physical or economic injury loans, while homeowners can apply for up to $500,000 for physical damage assistance. Non-real estate assistance is also available up to $100,000 for cars, furniture and everyday items.
The first year of each loan is completely deferred, Davis said, meaning no interest is accrued during the first year. Recipients are also not required to make payments during that time.
“Apply, see what you get approved for, then exhaust all your other options before you start using that loan, because it’s possible you may not need it by the end of that year, and you can just pay it back,” Davis said.
Victims of other recent disasters can inquire about eligibility and services through the SBA Customer Service Center at (800) 659-2955.
Applications can be submitted at Lending.SBA.Gov.
