BY ROGER SMITH
MOUNTAIN CITIZEN
INEZ — The Small Business Administration (SBA) is in town to inform flood-impacted individuals, small businesses, and nonprofits about the resources available to them.
“We want to make sure that you all are aware of the resources that we have available to anyone who has been impacted and has damage to their homes,” SBA public affairs specialist Elise Hillman said Thursday in the Martin County Fiscal Court meeting.
“Not only do we serve small businesses and nonprofit organizations, but we do serve homeowners and renters as well. A lot of people don’t know that we serve homeowners and renters. So if anyone has had damage and they need to replace or recover, we have loans available.”
Homeowners and renters are eligible to apply for home and personal property loans of up to $100,000 to replace or repair personal property, such as clothing, furniture, vehicles and appliances.
Homeowners may apply for up to $500,000 to repair or replace their primary residence.
As of Thursday, the SBA had approved $2.8 million in loans to homeowners, according to Hillman.
“We know there may be a lot more people who may need our services and need our help,” she said. “We are here. We have several recovery locations where people can get help with their loan applications. It doesn’t cost anyone to apply and you do not have to accept a loan.”
In Martin County, the SBA is operating in the Disaster Recovery Center at the old library building at 180 E. Main Street in Inez. The center is open Monday through Saturday from 7 a.m. to 7 p.m. and Sunday from 1 p.m. to 7 p.m.
“Part of my job is making sure everyone is aware of their options and the resources available,” Hillman said.
The deadline to apply for SBA loans or FEMA assistance in Kentucky is April 25.
“We want to make sure everyone applies and gets their questions answered before April 25.”
Hillman said the SBA offers low interest rates—as low as 2.5% for homeowners and renters.
“Our terms are up to 30 years, so if you can do the math on that, it’s probably a pretty low payment every month,” she said.
No interest accrues and no payments are due until 12 months after the first loan disbursement.
Applicants may also be eligible for a loan increase of up to 20% of their verified damages for mitigation purposes. Eligible flood mitigation improvements may include sealing a roof deck, landscaping to improve water runoff and drainage, elevating structures, relocating a home outside the floodplain, adding a sump pump, or converting the lowest floor into a flexible space less prone to flood damage.
Businesses and private nonprofits (PNPs) are eligible to apply for Business Physical Disaster Loans and Economic Injury Disaster Loans (EIDLs). They may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
EIDLs provide working capital for needs caused by the disaster. These loans are available even if the business or nonprofit did not suffer physical damage. They may cover fixed debts, payroll, accounts payable and other bills.
Interest rates are as low as 4% for small businesses and 3.625% for PNPs, with terms up to 30 years. Like other SBA disaster loans, no interest accrues and no payments are due for the first 12 months.
The SBA encourages disaster survivors not to wait for insurance settlements before applying. If a survivor is unsure how much of their loss will be covered, the SBA can issue a loan for the total amount of verified damage, with the condition that insurance proceeds go to reduce or repay the loan.
Due to changes in FEMA’s Sequence of Delivery, the SBA encourages survivors to apply simultaneously for FEMA grants and SBA disaster loan assistance. FEMA grants cover essential needs not covered by insurance or other sources. The SBA’s disaster loan program supports long-term recovery and helps restore individuals and businesses to their pre-disaster conditions.
To apply, visit the disaster recovery center or go online at SBA.gov/disaster. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information. For individuals who are deaf, hard of hearing or have a speech disability, dial 7-1-1 to access telecommunications relay services.
The deadline to apply for assistance related to physical property damage is April 25, 2025. The deadline for economic injury applications is Nov. 24, 2025.