The U.S. Small Business Administration is planning to offer low-interest loans to Indiana homeowners and entrepreneurs who were impacted by flooding earlier this month.
Hoosiers in the following counties will be eligible for the loans: Decatur, Fayette, Hancock and Rush.
Businesses and homeowners can apply for both physical damage loans and Economic Injury Disaster Loans (EIDLs). Per the SBA’s website, physical damage loans cover lost or destroyed property. EIDLs are designed to provide small businesses with capital they may need to meet certain financial obligations that could be difficult to fulfill because of select catastrophic events like hurricanes or flooding. EIDLs can be used for things like payroll, fixed debts and accounts payable.
Hoosiers counties the federal government considers to be adjacent to those impacted by August’s weather disaster are also eligible for EIDLs. The counties in this area considered disaster-adjacent include Shelby, Johnson and Bartholomew.
Business owners in Indiana may apply for physical damage loans of up to $2 million. They can be used to repair shops, equipment, inventory and other business assets.
Homeowners can get loans for up to $100,000 to replace personal property like clothing, furniture, cars and appliances. Loans worth as much as $500,000 will be available to homeowners who need to make repairs to their primary residences.
Homeowners can also seek loan increases of 20% should they dedicate the funds received to future disaster mitigation improvements like structure strengthening and storm shelter installation.
In addition to homeowners and businesses, faith-based organizations, agricultural cooperatives and nonprofits will also be eligible for SBA loans.
Interest rates for the SBA’s disaster loans range from 4% for businesses to 3% for homeowners and renters. Some loan terms the SBA is offering are as long as 30 years.
SBA disaster loans do not accrue interest until 12 months after funds are issued. Those who receive the loans are not required to make payments on them for up to 12 months.
Loan applications can be submitted here. Those who need additional assistance with loan applications can call (800) 659-2955 or email disastercustomerservice@sba.gov.
The deadline to submit physical damage loan applications is Oct. 25, 2026. The EIDL application deadline is May 25, 2027.
Bost Veterans Act passes in U.S. House of Representatives
Health emergency declared in Knox County
Search continues for southwestern Indiana murder suspect
Lawrenceville moving forward toward old LHS demolition
Lawrence County time capsule to be opened
Lawrence County honors its' servicemen and women on Veterans Day
Illinois State Police to conduct holiday safety patrols
LCMH adds new team member
Toyota Princeton plant to produce new vehicle
Illinois to get additional federal healthcare funding
Prep your vehicle for winter weather
Expanded opportunities for incarcerated Hoosiers through 10-year Ivy Tech partnership
Southwestern Indiana fatal accident victim identified
Bridgeport to look at property ordinance revision
Conservation officers remind hunters to prioritize safety during deer season
Knox County caucus set to replace Streeter
Unit 20 Board to replace football field turf
