Whitfield Announces Disaster Loans for Businesses Surrounding Lake Cumberland | News | Congressman Ed Whitfield

News | Congressman Ed Whitfield | United States Representative

Whitfield Announces Disaster Loans for Businesses Surrounding Lake Cumberland June 28, 2007 U.S. Rep. Ed Whitfield announced that the U.S. Small Business Administration (SBA) will offer low-interest disaster loans to businesses in Clinton, Laurel, McCreary, Pulaski, Russell and Wayne counties who have been affected by the low water level on Lake Cumberland.

"Small businesses, such as the ones surrounding Lake Cumberland, have been the backbone for the American economy for more than a century," said Whitfield. "I am pleased to see the SBA has recognized the importance of our small businesses and will be able to provide some sort of relief."

Neighboring counties of Adair, Casey, Clay, Cumberland, Jackson, Knox, Lincoln, Rockcastle, and Whitley are also eligible for the disaster loans, so long as the counties can prove that five businesses have been affected by the low water levels of Lake Cumberland.

Eligible small businesses may qualify for loans up to $1.5 million. Interest rates are available at 4 percent with loan terms up to 30 years. SBA determines eligibility for the loans based on the size and type of the business and its financial resources. Loan amounts and terms are set by SBA and based upon each applicant's financial condition.

"With an estimated loss of $23.6 million in sales, business owners surrounding Lake Cumberland must be provided some sort of relief to help protect the longevity of their businesses," said Whitfield. "These low interest loans will help to defray the loss in revenue business owners will face."

Applications and program information are available 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 9 p.m.; Saturday from 9 a.m. to 5:30 p.m. EDT. Business loan applications can also be downloaded from the SBA website at www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.

Completed loan applications must be returned to SBA no later than March 26, 2008.

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