Pulaski and Fulton among counties eligible Economic Injury Disaster Loans

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.

Pulaski County is among those eligible for the loans:

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 considered disaster-adjacent include Cass, Fulton, Marshall and Starke.

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. The EIDL application deadline is May 25, 2027.