U.S. SMALL BUSINESS ADMINISTRATION
FACT SHEET - DISASTER LOANS
in the Indiana counties of: Carroll, Dearborn, Decatur, Delaware, Fayette, Franklin, Hamilton, Hancock, Henry, LaPorte, Lake, Madison, Marion, Morgan, Porter, Pulaski, Randolph, Rush, Tipton, Union, and Wayne;
for economic injury only in the contiguous Indiana counties of: Bartholomew, Blackford, Boone, Brown, Cass, Clinton, Fulton, Grant, Hendricks, Howard, Jasper, Jay, Jennings, Johnson, Marshall, Monroe, Newton, Ohio, Owen, Putnam, Ripley, Shelby, St. Joseph, Starke, Tippecanoe, and White;
for economic injury only in the contiguous Illinois counties of: Cook, Kankakee, and Will;
for economic injury only in the contiguous Kentucky County of: Boone;
for economic injury only in the contiguous Michigan County of: Berrien;
and for economic injury only in the contiguous Ohio counties of: Butler, Darke, Hamilton, and Preble
If you are located in a declared disaster area, you may be eligible for financial assistance from the U. S. Small Business Administration (SBA).
- 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.
- Credit History – Applicants must have a credit history acceptable to SBA.
- Repayment – Applicants must show the ability to repay all loans.
By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery. An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere. Interest rates are fixed for the term of the loan. The interest rates applicable for this disaster are:
| Physical Damage Loan Types | No Credit Available Elsewhere |
Credit Available Elsewhere |
|---|---|---|
| Home Loans | 3.000% | 6.000% |
| Business Loans | 4.000% | 8.000% |
| Non-Profit Organizations | 3.625% | 3.625% |
| Economic Injury Loan Types | No Credit Available Elsewhere |
Credit Available Elsewhere |
|---|---|---|
| Businesses & Small Agricultural Cooperatives | 4.000% | N/A |
| Non-Profit Organizations | 3.625% | N/A |