SBA Offers Low-Interest Loans for Flood, Drought Victims in Multiple States

The U.S. Small Business Administration (SBA) is offering low-interest disaster loans to small businesses, nonprofits, homeowners, and renters in Kentucky and New Jersey affected by recent natural disasters, including flooding and drought. Eligible Kentucky applicants can access loans for both physical damage and economic injury, with businesses able to borrow up to $2 million and homeowners up to $500,000 for repairs. In New Jersey, small businesses and nonprofits impacted by drought can apply for Economic Injury Disaster Loans up to $2 million, with interest rates as low as 4% and terms up to 30 years. These loans can be used for a range of needs, including repairing property and covering operational expenses. The SBA also allows for loan increases to fund mitigation improvements, such as strengthening buildings against future disasters. Application details and deadlines are available through the SBA’s official channels.