On Jul. 29, SBA made disaster aid available to Indiana businesses.
SBA offered disaster assistance to businesses and residents of the State of Indiana affected by severe storms and tornadoes that occurred on Jul. 9, 2024.
Eligibility
Businesses and residents of Indiana can apply for low-interest SBA disaster loans.
Disaster declaration covers primary counties of Gibson and Posey in Indiana.
And adjacent counties of Knox, Pike, Vanderburgh and Warrick in Indiana; Gallatin, Wabash and White in Illinois; and Henderson and Union counties in Kentucky.
Businesses and private nonprofit organizations may borrow up to $2 million to repair disaster-damaged real estate, machinery and equipment, inventory, and other assets.
For small businesses, agricultural cooperatives, businesses engaged in aquaculture and most private nonprofits, SBA offers Economic Injury Disaster Loans (EIDLs).
Loans up to $500k are available to homeowners to repair damaged real estate.
Homeowners/renters are eligible for loans of $100k to repair personal property.
Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for work done for mitigation purposes.
Eligible mitigation improvements include a safe room or storm shelter, sump pump, or retaining wall to help protect property and occupants from future damage.
Application Deadlines
Deadline for physical damage loans is Sep. 23, 2024; EIDLs deadline is Apr. 23, 2025.
