On Friday, the Small Business Administration (SBA) officially approved Kentucky for statewide disaster certification for the Small Business Disaster Relief Loan Program. The SBA will now offer low-interest federal disaster loans for working capital to the state's small businesses suffering economic injury due to the ongoing COVID-19 pandemic.
Sandra Wilson, President of the Paducah Area Chamber of Commerce, shared her thoughts.
"This is good news for our small businesses and non-profits," said Wilson, "We have been monitoring this all week and providing information to our small businesses about applying. The SBA had encouraged them to get their applications started in anticipation of the state receiving this declaration."
Applicants are able to apply for up to $2 million, which is aimed at helping businesses pay fixed debts, pay employees, and any other expenses built up due to the pandemic. Interest rates are 3.75 percent for a small business, with 2.75 percent for private nonprofit organizations. The loans are offered with long-term repayments of up to thirty years in order to keep payments affordable.
You can see additional information by calling 1-800-659-2955, by emailing disastercustomerservice@sba.gov, or on the website linked below.
On the Net:
SBA Funding PortalPaducah Chamber of Commerce COVID-19 Portal
