SBA reports about 52 local disaster loan applicants; $495,000 disbursed so far
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Summary
A representative from the Small Business Administration told the Pulaski County Fiscal Court that 52 county residents had applied for disaster assistance after recent tornadoes and the agency had disbursed roughly $495,000 in 10 loans.
Jim Acurso of the Small Business Administration’s Office of Disaster Recovery gave the court an update on federal disaster lending related to recent tornadoes.
Acurso said the SBA’s local centers have closed but applicants can still apply online. He reported that 52 residents from Pulaski County had applied for disaster loans and that the SBA had disbursed 10 loans amounting to about $495,000; in total the office has awarded roughly $1 million in loans related to the declaration.
He explained that disaster loans can include a deferred, interest-free first year and that the interest rate established for a declared disaster remains constant for that disaster’s loans for the life of the loan; he said the declaration in question is listed as KY-21102.
Acurso also described mitigation funding that allows borrowers who took physical-damage loans to request additional funds within two years if they implement mitigation measures. He answered questions from the court about farmer eligibility and said the SBA coordinates with USDA and local farm-service staff on agricultural losses.