FRANKFORT, Ky. (AP) - Emergency assistance for businesses harmed by the lowering of Lake Cumberland has been approved by the U-S Small Business Administration.
The SBA action will make low-interest disaster loans available to eligible businesses in 15 counties of the greater Lake Cumberland area.
Eligible small businesses may qualify for loans up to one-and-a-half (m) million dollars. Interest rates are available at four percent with loan terms up to 30 years. SBA sets loan amounts and terms according to each applicants financial condition.
The Army Corps of Engineers has dropped the level of Lake Cumberland by 43 feet to facilitate repairs to Wolf Creek Dam, which was found to have been eroding.
The counties where assistance is being made available are: Adair, Casey, Clinton, Clay, Cumberland, Knox, Laurel, Jackson, Lincoln, McCreary, Pulaski, Rockcastle, Russell, Wayne and Whitley.
(Copyright 2007 by The Associated Press. All Rights Reserved.)