Montgomery County, TN – Montgomery County is among one of 18 counties that was selected by the U.S. Small Business Administration (SBA) for disaster assistance to businesses and residents of Tennessee affected by severe storms associated with the remnants of Tropical Storm Olga.
According to a news release sent out January 2nd, 2020 by the SBA, the U.S. SBA announced the opening of Disaster Loan Outreach Centers (DLOCs) in Tennessee to assist businesses and residents affected by severe storms associated with the remnants of Tropical Storm Olga on October 26th, 2019, to apply for low-interest disaster loans.
The Montgomery County Disaster Loan Outreach Center will be at William O. Beach Civic Hall, located at 350 Pageant Lane. Representatives will be available to answer questions about the disaster loan program and help individuals complete their applications.
The center will be open during the following dates and times in January: Wednesday, January 8th, 11:00am until 6:00pm; January 9th through 21st, weekdays, 9:00am to 6:00pm; January 11th and 18th, Saturdays, 10:00am to 2:00pm. The last day for an appointment is Wednesday, January 22nd, from 9:00am to 4:00pm.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Tennessee District Director LaTanya Channel.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, 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.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.
Interest rates are as low as 3.875 percent for businesses, 2.75 percent for nonprofit organizations, and 1.5 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1.800.659.2955 (1.800.877.8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov
The filing deadline to return applications for physical property damage is February 18th, 2020. The deadline to return economic injury applications is September 17th, 2020.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.
To learn more, visit www.sba.gov
