U.S. Small Business Administration offers assistance to businesses hit by tornados and storms

The U.S. Small Business Administration is offering assistance to businesses and residents who suffered damage from the recent tornados and storms.

It will provide low-interest disaster loans to business owners who were affected by the tornados, straight-line winds and severe storms that raked through the area on March 31 and April 1.

Hoosier business owners can get physical and economic injury disaster loans in Lake, Allen, Benton, Clinton, Grant, Howard, Johnson, Monroe, Morgan, Owen, Sullivan and White counties. 

“SBA’s mission-driven team stands ready to help Indiana small businesses and residents impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,” said SBA Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

Small businesses and most nonprofits also can get economic injury disaster loans in Porter, Jasper, Newton, Pulaski, Adams, Bartholomew, Blackford, Boone, Brown, Carroll, Cass, Clay, De Kalb, Delaware, Greene, Hamilton, Hendricks, Huntington, Jackson, Knox, Lawrence, Madison, Marion, Miami, Montgomery, Noble, Putnam, Shelby, Tippecanoe, Tipton, Vigo, Wabash, Warren, Wells and Whitley counties in Indiana. The economic injury disaster loans also are available to business owners and nonprofits in Cook, Will, Clark, Crawford, Iroquois, Kankakee counties in Illinois.

Affected business owners are encouraged to apply now and not wait before they settle with their insurance company. They can borrow up to the total of the loan limits and later use insurance proceeds to repay the loan.

Businesses and nonprofits can borrow up to $2 million to repair or replace real estate, equipment, machinery or inventory that was damaged. Homeowners can borrow up to $200,000 to repair or replace their real estate. Renters and homeowners also can get up to $40,000 to repair or replace personal property that was damaged.

Interest rates are as low as 4% for businesses and 2.375% for nonprofits, homeowners and renters.

“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” said SBA Associate Administrator Francisco Sanchez, Jr. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”