Do Not Wait for Insurance Settlement; SBA Urges Return of Applications

ATLANTA--(Business Wire)--
The U.S. Small Business Administration is reminding disaster victims in eligible
Kentucky counties they should not wait to settle with their insurance companies
before applying for disaster loan assistance. The SBA encourages victims of the
severe storms and flooding that affected Jefferson County on August 4, 2009, to
return their completed applications, even if they have not settled with their
insurance company.

Homeowners, renters, businesses and non-profit organizations of all sizes in
Jefferson County, Kentucky, are eligible to apply for physical disaster loans.
Victims who suffered damage to their automobiles in Jefferson County may be
eligible for SBA disaster assistance loans.

Small businesses and most private non-profit organizations of all sizes in the
following counties are eligible to apply only for SBA economic injury disaster
loans: Bullitt, Hardin, Jefferson, Oldham, Shelby and Spencer counties in
Kentucky; Clark, Floyd and Harrison counties in Indiana.

"Returning a completed SBA disaster loan application is an important step in the
disaster recovery process," said Frank Skaggs, Director of SBA Field Operations
Center East. "SBA does not need your insurance settlement information in order
to start the application process."

It is not necessary for disaster victims to wait for a settlement before
applying to the SBA. If a victim does not know how much of their loss will be
covered by insurance or other sources, the SBA will consider making a loan for
the total loss up to its loan limits, provided the borrower agrees to use
insurance proceeds to reduce or repay their SBA loan.

SBA`s customer service representatives are on hand at the Disaster Recovery
Centers to issue loan applications, answer questions about the SBA`s disaster
loan program, explain the application process and help individuals complete
their applications. The locations of the Centers are indicated below:

FEMA/SBA Disaster Recovery Centers
Open: Monday - Saturday; 8 a.m. to 6 p.m., until further notice

Jefferson County
African-American Heritage Center South Louisville Community Center
(Old Trolley Barn) 2911 Taylor Blvd
1701 Muhammad Ali Blvd. Louisville, KY 40208
Louisville, KY 40202

Disaster loans up to $200,000 are available to homeowners to repair or replace
damaged or destroyed real estate. Homeowners and renters are eligible up to
$40,000 to repair or replace damaged or destroyed personal property. Businesses
and non-profit organizations of any size may borrow up to $2 million to repair
or replace damaged or destroyed real estate, machinery and equipment, inventory,
and other business assets.

Interest rates are as low as 2.750 percent for homeowners and renters; 4 percent
for businesses with terms up to 30 years. Loan amounts and terms are set by the
SBA and are based on each applicant`s financial condition.

For small businesses and most private non-profit organizations of all sizes, the
SBA offers Economic Injury Disaster Loans to help meet working capital needs
caused by the disaster. Economic Injury Disaster Loan assistance is available
regardless of whether the business suffered any property damage.

Disaster victims unable to visit one of the Centers may obtain applications and
program information by calling the SBA`s Customer Service Center at
1-800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday
from 8 a.m. until 6 p.m. EDT or by sending an email to
disastercustomerservice@sba.gov. Business loan applications can be downloaded
from the SBA Web site at www.sba.gov/services/disasterassistance. Completed
applications should be returned to one of the Centers or mailed to: U.S. Small
Business Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.

Disaster victims may visit SBA`s secure Web site at
https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The deadline for physical loan applications is October 13, 2009; the deadline
for economic injury applications is May 14, 2010.

For more information about the SBA`s Disaster Loan Programs, visit our Web site
at www.sba.gov/services/disasterassistance.

Release Number: 09-655, KY 11844/11845

U.S. Small Business Administration
Michael Lampton,404-331-0333

Copyright Business Wire 2009

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