SBA Stands Ready to Assist Tennessee Residents Affected by Severe Storms, Flooding, High Winds and Tornadoes
Following the announcement of the Presidential disaster declaration in Tennessee for several counties affected by the severe storms, flooding, high winds and tornadoes that began on April 30th, Administrator Karen G. Mills of the U.S. Small Business Administration issued the following statement:
“The U.S. Small Business Administration is strongly committed to providing the people of Tennessee with the most effective and customer-focused response possible to assist homeowners, renters, and small businesses with federal disaster loans. Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
The disaster declaration covers Cheatham, Davidson, Hickman and Williamson counties in Tennessee, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Dickson, Humphreys, Lewis, Marshall, Maury, Montgomery, Perry, Robertson, Rutherford, Sumner and Wilson in Tennessee.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.
For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.750 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
To be considered for all forms of disaster assistance call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), TTY 800-462-7585 for people with speech or hearing disabilities. The locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities), Monday through Friday from 8:00 am to 6:00 pm; Saturday and Sunday, 9:00 am to 5:30 pm EDT or by sending an email to firstname.lastname@example.org.
The filing deadline to return applications for physical property damage is July 6th, 2010. The deadline to return economic injury applications is February 4th, 2011.