Southern Indiana Business Report
ODON – Small businesses, private nonprofits, homeowners and renters affected by recent flooding in southern Indiana are eligible to apply for federal disaster loans.
On July 23, a Disaster Loan Outreach Center opened in Daviess County to assist residents with information about the loan program and application process.
The US Small Business Administration issued a disaster declaration in response to a request received from Gov. Mike Braun on July 11.
The disaster declaration covers Daviess, Dubois, Greene, Knox, Martin and Pike counties, which were affected by flooding that occurred between June 28 and July 2.
Small businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Interest rates are as low as 4% for small businesses, 3.625% for private nonprofits and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
Outreach center hours
The outreach center will be open through July 31 at the Odon Community Center, 311 Park St. The center will be open from 8 a.m. to 5 p.m. Monday-Friday and Saturday 10 a.m. to 2 p.m. The office will close permanently at 5 p.m. July 31. Walk-ins are accepted, or those seeking loan assistance can schedule an appointment in advance at appointment.sba.gov.
For more information, contact Odon Town Hall, 812-636-4321.