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Loans available for counties affected by March/April severe storms

Damage from a March 31, 2023, tornado is shown April 3, 2023, in Whiteland, Indiana. Teams from FEMA will soon be going door-to-door to help Hoosiers affected by the March 31 tornado outbreak apply for federal aid. (WISH Photo)

INDIANAPOLIS (WISH) — The U.S. Small Business Administration (SBA) is offering low-interest disaster loans to businesses and residents in Indiana.

This follows the announcement of a presidential disaster declaration due to damages from severe storms, straight-line winds, and tornadoes from March 31 to April 1.

The disaster declaration covers Allen, Benton, Clinton, Grant, Howard, Johnson, Lake, Monroe, Morgan, Owen, Sullivan, and White counties. These counties are eligible for both physical and economic injury disaster loans from the SBA.

Small businesses and most private nonprofit organizations in the following counties are eligible to apply only for SBA Economic Injury Disaster Loans: Adams, Bartholomew, Blackford, Boone, Brown, Carroll, Cass, Clay, De Kalb, Delaware, Greene, Hamilton, Hendricks, Huntington, Jackson, Jasper, Knox, Lawrence, Madison, Marion, Miami, Montgomery, Newton, Noble, Porter, Pulaski, Putnam, Shelby, Tippecanoe, Tipton, Vigo, Wabash, Warren, Wells, and Whitley.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.

The filing deadline to return applications for physical property damage is June 14, 2023. The deadline to return economic injury applications is Jan. 14, 2024.

Applicants can apply online using the electronic loan application via SBA’s website and are asked to apply under SBA declaration #17881.