PENDLETON — Indiana businesses and residents who were impacted by the high winds, severe storms and tornadoes on May 27, 2019 can apply for low-interest disaster loans to help with clean-up and repair.
The United States Small Business Administration is making the loans available for residents of the following counties in Indiana:
- Madison County
- Delaware County
- Grant County
- Hancock County
- Tipton County
- Henry County
The National Weather Service confirmed eight different tornadoes touched down in Indiana during the Memorial Day outbreak.
“The SBA is strongly committed to providing the people of Indiana with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Acting Administratior for the US Small Business Association Christopher Pilkerton. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.
PHOTOS | Memorial Day Tornado Outbreak
The Center is located in the following community and is open as indicated:
Pendleton Elementary Intermediate School
301 South East Street, Pendleton, IN 46064
Friday, June 14, from 11 a.m. – 6 p.m.
Saturday, 10 a.m. – 2 p.m.
Monday through Wednesday, 9 a.m. – 6 p.m.
Thursday, June 20, from 9 a.m. – 4 p.m.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Indiana District Director Stacey Poynter.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years.
The filing deadline to return applications for physical property damage is Aug. 12, 2019. The deadline to return economic injury applications is March 12, 2020.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov .
For the full NWS analysis on the Memorial Tornado outbreak in Indiana CLICK HERE.