The U.S. Small Business Administration (SBA) has announced the opening of a Business Recovery Center (BRC) in McCracken County, Kentucky. This center is set up to assist small businesses, nonprofits, and residents affected by recent severe weather events including storms, tornadoes, and flooding that occurred on April 2.
Starting Wednesday, May 7, SBA customer service representatives will be available at the BRC to address questions regarding the SBA's disaster loan program. They will also explain the application process and assist individuals with completing their applications. While walk-ins are welcome, appointments can be scheduled in advance through appointment.sba.gov.
The BRC is located at the McCracken County Rescue Vehicle Building Entrance on Coleman Road in Paducah, KY. It will operate Monday through Friday from 8 a.m. to 6 p.m., and on Saturdays from 9 a.m. to 3 p.m., remaining closed on Sundays.
“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”
The SBA's Economic Injury Disaster Loan (EIDL) program is available for small businesses, small agricultural cooperatives, and private nonprofit organizations experiencing financial losses due to the disaster. However, it does not extend loans to agricultural producers except for small aquaculture enterprises.
These loans cater to working capital needs arising from disasters even if no physical damage occurred. They can cover fixed debts, payrolls, accounts payable, and other bills impacted by the disaster.
Eligible businesses and nonprofits may apply for business physical disaster loans up to $2 million for repairing or replacing damaged assets such as real estate or machinery. Homeowners and renters can apply for personal property loans up to $100,000 or up to $500,000 for primary residence repairs.
Applicants might qualify for an additional loan increase of up to 20% of verified physical damage for mitigation purposes like installing storm shelters or upgrading structures against wind damage.
Interest rates are set at a low rate: 4% for businesses, 3.625% for nonprofits, and 2.750% for homeowners and renters with terms extending up to 30 years. Interest accrual begins only after one year from the first disbursement date.
For online applications or further assistance information visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are accessible by dialing 7-1-1.
Deadlines are set as June 23, 2025 for returning applications concerning physical property damage; January 26, 2026 marks the deadline for economic injury applications.
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