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SBA reminds tornado survivors: disaster loans, outreach center and deadlines available in Monroe County
Summary
A Small Business Administration representative told the county council about available physical-damage and economic-injury disaster loans, the outreach center at Ivy Tech and key deadlines for applicants.
A Small Business Administration representative told Monroe County Council members Tuesday that SBA disaster loan programs are available to homeowners, renters, private nonprofit organizations and small businesses following the May 16 tornado outbreak and that in-person assistance has been set up at Ivy Tech.
"We have physical damage disaster loans, for all 4 of those categories, which are available to make repairs, rebuild, or to be used to relocate," Steven Clark, a disaster recovery specialist with the SBA, said at the public comment portion of the meeting.
Clark said an SBA disaster loan outreach center is open at Ivy Tech, 200 Daniels Way, Monday through Friday, 8 a.m.–5 p.m., and Saturday 10 a.m.–2 p.m. He added the center is scheduled to close permanently at 3 p.m. on Wednesday, June 18, and gave July 29 as the application deadline for physical-damage loans.
Clark also summarized loan limits and uses: homeowners may be eligible for up to $500,000 for real estate and $100,000 for personal property; business loan limits can be up to $2 million; and disaster loans can be used for debris removal, demolition, repairs, rebuilding and some mitigation. "You can use funds for debris removal," he said, adding the loans can be used before an insurance settlement is finalized.
Council members asked follow-up questions during the public comment period. Councilor Bridal asked how many applicants the SBA had served so far; Clark said the agency had, to date, one business application and 14 homeowner or renter applications and emphasized the program had only been available a short time. Councilor Deckard asked whether loan funds could be used to remove debris; Clark replied, "You can use funds for debris removal," and noted mitigation funds can be added up to 20 percent of uncompensated losses.
Clark encouraged residents not to wait for an insurance settlement to apply. He also said loan applicants should expect a credit check, but there is no application fee and no obligation to accept a loan if approved.
The county emergency management office and county website have been publicizing the SBA assistance, county staff said during the meeting. Clark offered direct contact information and asked residents to call or email him for help navigating the application process.
Local officials emphasized the SBA resource as an important bridge for residents and businesses ineligible for FEMA assistance or waiting on other state relief funds. The council did not take formal action on the matter; the presentation came during public comment.
