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SBA Approvals Top $100 Million in Disaster Loans for Tennessee

Deadline to Apply for Physical Damage Extended to August 5th 

Atlanta, GA – More than $100 million in U.S. Small Business Administration Disaster Assistance Loans have been approved for disaster survivors in Tennessee.   “Currently, 2,136 disaster loans have been approved in the amount of $101,987,800,” said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.  “We hope the extension of the deadline will encourage more Tennesseans to apply for assistance before August 5th.”

In Clarksville so far, 39  loans have been approved for Montgomery County flood survivors. 4 of these loans were for businesses.  Loan approvals currently total $2,229,300.

The SBA encourages survivors of the severe storms, flooding, high-winds and tornadoes that occurred on April 30th through May 18th, 2010 to return their completed applications. If a survivor does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan. 

Survivors are urged to register with FEMA by calling 800-621-FEMA (3362), TTY 800-462-7585 for people with speech or hearing disabilities.  If you were issued an SBA loan application, complete and return to the SBA before the August 5th deadline even if you don’t want a loan.  If the SBA is not able to approve a home loan, you may be referred to FEMA for possible grant assistance. 

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate.  Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

A view of the flooding on Riverside Drive on May 3rd.
A view of the flooding on Riverside Drive on May 3rd.

Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

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 if the business suffered no 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.

Anyone may obtain program information by calling the SBA’s Customer Service Center at 800-659-2955 (or 800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8:00am to 6:00pm EDT (Closed Monday, July 5th in recognition of Independence Day) or by sending an e-mail to . Business loan applications may be downloaded from www.sba.gov.   Applications may be returned to one of the Centers located throughout the disaster area or mailed to: U. S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.

Survivors may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is August 5th, 2010.   The deadline to return economic injury applications is February 4th, 2011.


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