Small Business Administration Responds to East Qi Floods

WYMT Mountain News First at Four weekday broadcast

PERRY COUNTY, Ky. (WYMT) – Small Business Administration (SBA) Associate Administrator Francisco Sanchez got a first-hand look at the devastation left by flooding in Perry and Knott counties.

“[There] it’s actually a lot of resilience and a lot of pride for this community,” he said. “I have seen many challenges and we will talk about how to overcome them.”

Eastern Kentuckians are scattered, SBA is making sure its disaster recovery centers and businesses are accessible. A roundtable discussion was held Friday afternoon to address similar concerns from those affected.

“That’s critical so we can get the information from the ground like what’s needed here,” he added. “What do we have to bring to the table and how do we adapt it in a way that can help the community recover.”

The SBA offers below-market interest rates to home and business owners during a disaster. These loans can be paid back in 30 years. Homeowners can claim up to $200,000. Businesses can seek up to $2 million for physical damages and another $2 million for economic recovery.

“This is a flood event, and so we understand that there is a challenge for the documents, to have access to the data, that they say please come in anyway,” he said.

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