WASHINGTON, DC.-U.S. Rep. Harold "Hal" Rogers (KY-05) announced today that Small Business Administration low-interest disaster loans are available to businesses affected by the low summer pool level on Lake Cumberland.
"I am proud of how the Lake Cumberland community is pulling together to keep summer tourism strong as Wolf Creek Dam is repaired," said Rep. Rogers. "I appreciate the SBA stepping in here to provide critical assistance that will help businesses get through this period, and come back even stronger."
Affected businesses in Adair, Casey, Clinton, Clay, Cumberland, Knox, Laurel, Jackson, Lincoln, McCreary, Pulaski, Rockcastle, Russell, Wayne and Whitley are eligible for the assistance.
Loans are available to small businesses that sustained economic injury due to the low water level on Lake Cumberland. This summer, lake levels were reduced some 40 feet below normal levels to ease pressure on Wolf Creek Dam as a massive upgrade is underway to address chronic seepage problems.
The SBA has promised swift efforts to help the business owners. 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.
Business loan applications can be accessed through the SBA at: www.sba.gov/services/disasterassistance.