The U.S. Small Business Administration announced Wednesday that Fulton County was added to the disaster declaration for private nonprofit organizations that do not provide critical services of a governmental nature, such as food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
The deadline to submit disaster loan applications is June 17 for damages caused by severe storms, straight-line winds, flooding, landslides and mudslides from Feb. 6 through March 10. Private nonprofit organizations in the following western Kentucky counties are eligible to apply: Ballard, Carlisle, Crittenden, Fulton, Henderson, Livingston, Marshall, McCracken, Trigg, Union and Webster.
The SBA offers low-interest disaster loans to private nonprofit organizations for physical losses up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.75 percent with terms up to 30 years.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to private nonprofit organizations. Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage. Applicants may apply online using the Electronic Loan Application via SBA's secure website at DisasterLoan.sba.gov. Additional information on the SBA disaster loan program and application process is available by calling SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org.
Loan applications can be downloaded from www.sba.gov.