SBA Offers Disaster Assistance to Tennessee Businesses and Residents Affected By Severe Thunderstorms with Damaging Winds
WASHINGTON – Tennessee businesses and residents affected by severe thunderstorms with damaging winds on May 27-28 can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Linda McMahon announced today.
Administrator McMahon made the loans available in response to a letter from Governor Bill Haslam on Aug. 17, requesting a disaster declaration by the SBA. The declaration covers Shelby County and the adjacent counties of Fayette and Tipton in Tennessee; Crittenden in Arkansas; and DeSoto and Marshall in Mississippi.
“The SBA is strongly committed to providing the people of Tennessee with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Administrator McMahon. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA Customer Service Representatives will be at the Disaster Loan Outreach Center to issue loan applications, answer questions and help individuals complete their applications.
The center is located in the following community and is open as indicated:
Hollywood Community Center
1560 North Hollywood Street
Memphis, TN 38108
Hours: Saturday, 10 am to 2 p.m.
Monday – Wednesday, 9 a.m. to 6 p.m.
Thursday, 9 am to 4 p.m.
Closing: Thursday, Aug. 31 at 4 p.m.
“Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA Tennessee District Director LaTanya D. Channel.
For small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL 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 disaster 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 Frank Skaggs, director of SBA’s Disaster Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 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.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
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 email@example.com. Loan applications can also be downloaded at https://disasterloan.sba.gov/ela/. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center,
14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to submit applications for physical property damage is Oct. 23, 2017. The deadline for economic injury applications is May 23, 2018.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.