Dubois County storm victims can apply for federal disaster loans through SBA

ByLocal Sources Reading Time: 2 minutes

Dubois County businesses, nonprofits, homeowners and renters hurt by the June storms can now apply for low-interest federal disaster loans.

The U.S. Small Business Administration made the disaster declaration after Gov. Mike Braun requested it Oct. 9, according to an SBA news release. The declaration covers damage from severe storms, tornadoes, straight-line winds and flash flooding between June 6 and June 26.

Dubois is one of 28 Indiana counties included. Neighboring Crawford, Pike, Spencer and Warrick counties are also covered.

Who can borrow, and how much

  • Businesses and private nonprofits can borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory and other business property.
  • Homeowners can borrow up to $500,000 to repair or replace their main home.
  • Homeowners and renters can borrow up to $100,000 to replace personal property such as clothing, furniture, cars and appliances.

Borrowers may be able to add up to 20% of their verified physical damage to the loan to make the property sturdier against future storms. The SBA lists stronger structures, wind-rated garage doors, and safe rooms or storm shelters as examples.

Small businesses, small agricultural cooperatives and private nonprofits, including churches and other faith-based groups, can also apply for Economic Injury Disaster Loans. Those loans cover bills a business couldn’t pay because of the storms, such as payroll, fixed debts and accounts payable. A business does not need physical damage to qualify.

Farmers, ranchers and other agricultural producers are not eligible for SBA disaster loans, except for aquaculture businesses.

Rates and terms

Interest rates start at 4% for businesses, 3.625% for private nonprofits and 3% for homeowners and renters. Terms run up to 30 years. No interest builds and no payments are due until 12 months after the first loan money is paid out. The SBA sets each loan’s amount and terms based on the applicant’s finances.

Where to get help

The SBA has not opened an outreach center in Dubois County. The closest are in Gibson and Harrison counties. Both close for good Oct. 30.

Gibson County: Princeton Public Library, 124 S. Hart St., Princeton. Open 9 a.m. to 6 p.m. Monday through Wednesday, noon to 8 p.m. Thursday, 9 a.m. to 6 p.m. Friday, and 9 a.m. to 1 p.m. Saturday. Closes at 5 p.m. Oct. 30.

Harrison County: Harrison County Government Center, 245 Atwood St., Suite 217, Corydon. Open 9 a.m. to 5 p.m. Monday through Friday and 9 a.m. to 1 p.m. Saturday. Closes at 4 p.m. Oct. 30.

Walk-ins are welcome. Appointments can be made at appointment.sba.gov.

People can also apply online at sba.gov/disaster, call (866) SBA-HELP, or email disastercustomerservice@sba.gov. People who are deaf, hard of hearing or have a speech disability can dial 7-1-1 for relay services.

Deadlines

Applications for physical property damage are due Dec. 8. Applications for economic injury loans are due July 9, 2027.

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