SBA approves disaster declaration for counties hit by May tornadoes
The U.S. Small Business Administration has approved Governor Laura Kelly's request for a SBA disaster declaration as a result of the severe storms and tornadoes that occurred May 28, 2019.
"I am pleased that Kansas has been granted this request by the Small Business Administration,” Kelly said. “These loans will do much to help speed recovery for our citizens and the business communities that lost property due to these storms."
The disaster declaration makes SBA assistance available to businesses and residents in Douglas, Franklin, Jefferson, Johnson, Leavenworth, Miami, Osage and Shawnee counties.
Beginning next Tuesday, June 18th, SBA representatives will be on hand at two Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Both centers will be open from June 18th through June 27th. No appointment will be necessary.
In Douglas County, the Disaster Loan Outreach Center will be located at Peaslee Technical Training Center - Classroom B, 2920 Haskell Ave., Lawrence. Hours of operation will be Monday through Friday, 9 a.m. to 6 p.m.
In Leavenworth County, the Disaster Loan Outreach Center will be a Linwood Community Center – Commons Area, 105 E. Third Street in Linwood. Their hours of operation will be Monday through Friday, 8:00 till 5:00.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.