The Rotary Club of Hopkinsville got a visit from Anne Williams, a Public Affairs Officer for the Small Business Administration, at Thursday’s meeting.
While the deadline to apply for disaster assistance loans through both FEMA and the SBA for the destructive December 10 and 11 tornadoes, Williams urged folks to go ahead and apply in the next few days if they haven’t already. She says they’re also working under a second declaration involving non-profit agencies that were impacted by the New Year’s Day tornadoes—that deadline is set for April 28.
She recommends filing with both FEMA and the SBA—she says if you’re denied a loan by the SBA, it can actually help pave the way for more assistance through FEMA.
Williams says the interest rate for loans are starting as low as 1.43 percent, and all interest rates lock in when you’re approved.
She says the SBA has approved roughly $49 million in loans in the state of Kentucky, and $696,000 in Christian County alone. Economic impact loans—for businesses and other agencies that experienced negative business impacts due to the storms—are available until September.
For more information on the SBA, how to apply for a loan and if you’re eligible to apply, contact them at 1-800-659-2955.