SOMERSET, KY – Eastern Kentucky business owners impacted by February flood damage can access up to $5,000 in low-interest loan funds through the Southeast Kentucky Economic Development Corporation (SKED) Emergency Business Disaster Loan Program.
SKED, a Community Development Financial Institution serving 45 counties in Southern and Eastern Kentucky, has established the Emergency Business Disaster Loan Program, which offers loans to qualifying small business owners in disaster-impacted counties in its service region.
The 38-year-old nonprofit economic development organization has designated $100,000 in funding to make loans to existing business owners who need help cleaning up and restoring their property or equipment.
SKED Executive Director Brett Traver says this program aligns with the nonprofit’s mission and is a service it can offer to those struggling to restore their businesses during this difficult time.
“The flooding has been a harrowing experience for so many,” Traver said. “The SKED team wants to get capital into the hands of businesses quickly to get the ball rolling toward recovery while they access relief funds eligible to apply elsewhere.”
Businesses providing proof of impact will be eligible for up to $5,000 in direct business loans at zero interest with no payment or interest accrual for one year. The three-year loan will follow with two years of payments at 4% interest.
Details of the loan program are as follows:
– Maximum loan amount: up to $5,000
– Interest Rate: 0% – no payments for first 12 months, no interest accrual
– Term: three years – two years to pay back at 4% interest
– Requires Personal Guaranty of Principal Owners
– Proof Company was in business at the time of the flooding (02/14-15/25)
– No Collateral is required
Applicants are asked to provide proof of the floods’ impact on their businesses through photos or other information.
The loan program is open now, and funds are limited. The application must be completed in full.
For more information on the Emergency Business Disaster Loan Program, contact Bob Burgess, SKED’s Director of Lending, at loans@skedcorp.com or (606) 677-6100.
