WASHINGTON — The U.S. Small Business Administration has announced the availability of low-interest disaster loans for Indiana businesses, private nonprofit organizations and residents affected by severe storms, straight-line winds, tornadoes and flooding that began Aug. 11.
The assistance follows a Presidential disaster declaration issued Aug. 25.
Indiana primary counties eligible for both physical damage loans and Economic Injury Disaster Loans include Carroll, Dearborn, Decatur, Delaware, Fayette, Franklin, Hamilton, Hancock, Henry, LaPorte, Lake, Madison, Marion, Morgan, Porter, Pulaski, Randolph, Rush, Tipton, Union and Wayne.
Small businesses and most private nonprofit organizations in several adjacent counties, including Boone, Clinton, Tipton and Tippecanoe, are eligible to apply for Economic Injury Disaster Loans only.
Loan Assistance Available
Businesses and private nonprofits may apply for physical disaster loans of up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Homeowners may apply for up to $500,000 to repair or replace their primary residence. Homeowners and renters may also apply for up to $100,000 to repair or replace personal property, including clothing, furniture, vehicles and appliances.
Applicants may also qualify for a loan increase of up to 20% of their verified physical damage for mitigation improvements. Eligible improvements can include strengthening structures against high winds, installing wind-rated garage doors and adding a safe room or storm shelter.
Economic Injury Disaster Loans
The SBA’s Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives and private nonprofits, including faith-based organizations, that experienced financial losses directly related to the disaster.
EIDL funds may be used for working capital needs, including fixed debts, payroll, accounts payable and other bills that could not be paid because of the disaster. Physical property damage is not required to qualify for an EIDL.
The SBA said it cannot provide disaster loans to agricultural producers, farmers or ranchers, except for aquaculture enterprises.
Interest rates are as low as 4% for businesses, 3.625% for private nonprofits and 3% for homeowners and renters, with loan terms of up to 30 years.
Interest does not begin to accrue, and payments are not due until 12 months after the date of the first loan disbursement. The SBA determines eligibility, loan amounts and terms based on each applicant’s financial condition.
“Through a presidential declaration, SBA provides financial assistance to help communities recover,” said Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience. “We offer disaster loans to homeowners, renters, businesses, and private nonprofits affected by the disaster.”
Application Information
Applications can be submitted online at sba.gov/disaster.
Applicants may also contact the SBA Customer Service Center at 800-659-2955 or email disastercustomerserhttp://The U.S. Small Business Administratiovice@sba.gov for additional information.
The deadline to apply for physical property damage is Oct. 25, 2026. The deadline for Economic Injury Disaster Loan applications is May 25, 2027.