Businesses which suffered financial losses because of drought conditions last summer could be eligible for assistance.
The U.S. Small Business Administration announced it will make Working Capital Disaster Loans available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in 55 Kentucky counties including Hardin.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities which suffered financial losses as a direct result of the drought and high temperatures which began on July 1, 2019. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
The loan amount can be up to $2 million with interest rates of 4 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years.
Adjacent counties also eligible are Breckinridge, Grayson, Meade and Nelson.
Disaster loan information and application forms also may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 or emailing firstname.lastname@example.org.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The deadline for applications is Oct. 5.
An SBA news release announcing the loans said eligibility is determined based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.