Low-interest disaster loans will be made available to businesses

affected by the lowering of Lake Cumberland, according to an announcement

made last week in Washington.

The funding was approved by the U.S. Small Business Administration on

Thursday, June 28. The SBA action will make low-interest disaster loans

available in 15 counties in the Lake Cumberland area, including Wayne

County. Other counties included in this program are: Adair, Casey, Clay,

Cumberland, Knox, Laurel, Jackson, Lincoln, McCreary, Pulaski, Rockcastle,

Russell and Whitley.

Eligible small businesses may qualify for loans up to $1.5 million.

Interest rates are available at four percent with loan terms up to 30 years.

SBA sets loan amounts and terms according to each applicant's financial

condition.

The Army Corps of Engineers has dropped the level of Lake Cumberland by

43 feet to facilitate repairs to Wolf Creek Dam, which was found to have

been eroding. Upon the Corps' announcement of its plans in January, Governor

Ernie Fletcher ordered the agencies of his administration to do everything

possible to help communities adapt to the emergency. That included making a

request for emergency assistance for businesses in the lake area that were

affected.

Fletcher was pleased with last week's announcement.

"I appreciate the fact that the Small Business Administration has moved

quickly and acted favorably on my request," stated Fletcher. "SBA loan

assistance will help small-business owners of the Lake Cumberland area

through a difficult period."

Applications and information are available by calling the SBA's customer

service center at 1-800-659-2955. Loan applications can also be downloaded

at www.sba.gov/services/disasterassistance.

Completed applications should be mailed to: U.S. Small Business

Administra-tion, Processing and Dis-bursement Center, 14925 Kingsport Road,

Fort Worth, Texas 76155. Completed applications must be returned to SBA no

later than March 26, 2008.

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