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SBA Loan Opportunity for May 7 Severe Storms

INDIANA Declaration 20349 & 20350
(Disaster: IN-20001)
Incident: SEVERE STORMS AND TORNADO
occurring: May 7, 2024

in Franklin County, Indiana; the contiguous Indiana counties of: Dearborn, Decatur, Fayette, Ripley, Rush, and Union; and the contiguous Ohio counties of: Butler and Hamilton

Application Filing Deadlines:
Physical Damage: July 22, 2024 Economic Injury: February 24, 2025

If you are located in a declared disaster area, you may be eligible for financial assistance from the U.S. Small Business Administration (SBA).

What Types of Disaster Loans are Available?
• Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
• Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
• Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

What are the Credit Requirements?
• Credit History – Applicants must have a credit history acceptable to SBA.
• Repayment – Applicants must show the ability to repay all loans.

Please see the following for more information:

May 7 Storm Fact Sheet

Homeowners and Renters

Business and Nonprofit

Business and Nonprofit Economic Injury

Using SBA for Mitigation Improvements