SBA offering Economic Injury Disaster Loans in select counties

BOWLING GREEN, Ky.- Many local businesses could see relief if the business or nonprofit is suffering economically after the tornadoes that came through Kentucky and Tennessee earlier last month.

Thanks to the Small Business Administration, small businesses and nonprofits in Allen County, Simpson County and four other counties in Kentucky qualify for economic injury loans. The loans will support those that may not suffer physically but economically or financially.

Monica Myles, a public affairs officer of Small Business Administration, shares how the disaster loans work.

Myles says, “This is the type of damage that doesn’t necessarily happen immediately as physical damage usually does. It can happen over a period of time, so the SBA has a nine month period in which a business or nonprofit can apply for this type of loan.”

There are no payments and no interest for 12 months from the date of the first loan received, and the deadline to apply is September 2024.

For more details and information to see if you qualify, visit sba.gov/funding-programs/disaster-assistance.