Small Business Administration Makes Disaster Loans Available in Indiana

In case your company was impacted by the excessive rains in Indiana this summer, there may be some relief available. The U.S. Small Business Administration (SBA) has issued the release below.

Note: Disaster relief is only available for selected counties, which are mentioned:

The SBA announced today that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Indiana as a result of excessive rain and flooding beginning on June 1, 2015.

The disaster declaration includes the following counties: Benton, Gibson, Knox, Lake, Newton, Posey, Sullivan, Vermillion, Vigo and Warren in Indiana.

“These counties are eligible because they are contiguous to one or more primary counties in Illinois. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected] Loan applications can be downloaded from the SBA’s website at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Completed loan applications must be returned to SBA no later than April 12, 2016.

Where’s the Common Sense in Disaster Reporting?

I paid a little more attention than normal to Hurricane Ike and its assualt on Texas last weekend. My in-laws, who lost all in the mid-1980s while living on Galveston Island, evacutated their home south of Houston early this time. Obviously, though, the interest in our household was high.

While Indiana has seen more than its share of tornadoes and flooding in recent years, hurricanes offer a unique scenario that I simply don’t understand. Why do these weather and news reporters stand out in the middle of a storm, while telling everyone else they should have already evacuated and they have only themselves to blame if they didn’t heed the local leaders’ warnings of "certain death" if they stayed?

OK, I can answer my own question: ratings. But it just doesn’t make sense. I fear it’s going to take reporter or camera operator suffering a tragic death to alter this practice. These natural disasters wreak enough havoc. Let’s not add another catastrophe to the list.

Eli Lilly Helping Struggling Hoosiers Following Disasters

Bill Benner’s Indy Insights blog serves up due propers to Eli Lilly for the company’s monumental assistance to Hoosier families following the natural disasters we’ve had in Indiana this spring.

The Lilly Endowment is donating $50 million, $45 of which will go to the United Way of Central Indiana.

The Indy Star article explains the magnitude of the donation as follows:

The gift is the Lilly Endowment’s largest to a disaster-related cause to date. It also ranks among the top five private donations for disaster relief since 2000, according to the Center on Philanthropy at Indiana University.

Kudos to Lilly, a Chamber member, for their efforts in re-Building a Better Indiana.

Chamber Book Helps Indiana Companies Prepare for Floods, Disasters

Floods have definitely taken a collective toll on Indiana this month. According to the Indy Star, at least 70 businesses have suffered flood damage and a major hospital had to be closed in Columbus.

For those looking to either recover or prevent future disasters from destroying your business, the Indiana Chamber has created Disaster Planning and Homeland Security for Indiana Business. The book, authored by Ice Miller, LLP, outlines what businesses need to do to make sure their finances are in order during not only natural disasters, but chemical spills, acts of terrorism, etc.

Click here to learn more about the book or to order online.

Lilly, KeyBank Among Businesses Helping Indiana Flood Victims

The Indiana Chamber would like to offer its sympathies to those impacted by this weekend’s massive flooding throughout the Hoosier state. Local businesses and relief organizations are working diligently to help.

Inside INdiana Business reports:

Companies in Indiana are stepping up to help the victims of recent outbreak of severe storms and flooding. Indianapolis-based Eli Lilly and Co. (NYSE: LLY) says it is donating $100,000 to help with the relief effort. The Lilly Foundation will provide financial assistance to the Disaster Relief Fund of the American Red Cross of Greater Indianapolis. Keybank (NYSE:KEY) is launching a fundraising initiative for disaster relief efforts in Indiana. It has opened an account for the American Red Cross Indiana Tornado and Flood Relief Fund.

Additionally, here is a link to the American Red Cross of Greater Indianapolis.