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Disaster Loans Now Available to Help Flood-Impacted Businesses, Residents in 19 TN Counties

Monday, June 24, 2019 | 01:50pm

NASHVILLE, Tenn. – Tennessee Gov. Bill Lee announced today the U.S. Small Business Administration (SBA) will make its disaster loan program available in five counties recovering from the severe storms and flooding from Feb. 6 through Feb. 24, 2019.

“We are committed to pursuing every assistance option available to help Tennesseans put their lives and businesses back together from the floods earlier this year,” Gov. Lee said.

The SBA declaration covers the following Tennessee counties: Decatur, Hardin, Humphreys, Perry, and Sevier, and the adjacent counties of Benton, Blount, Carroll, Chester, Cocke, Dickson, Henderson, Hickman, Houston, Jefferson, Knox, Lewis, McNairy, and Wayne.

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.

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.

Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 2.063 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.

SBA will also open seven Disaster Loan Outreach Centers in Tennessee and make representatives available to help individuals complete their applications and to answer questions about the loan program.

The Disaster Loan Outreach Centers will open Tuesday, June 25, operating until Tuesday, July 2, in the following communities:

Decatur County
Decatur County Library
20 W. Market St.
Decaturville, TN  38329
Opening at 11 a.m. on June 25
Hours: Weekdays, 9 a.m. to 6 p.m. Saturday, June 29, 10 a.m. to 2 p.m.

Blount County
Department of Development Services
1221 McArthur Road
Maryville, TN 37804
Opening at 10 a.m. on June 25
Hours: Weekdays, 8 a.m. to 4:30 p.m. Saturday, June 29, 8 a.m. to noon

Hardin County
Hardin County Fire Dept. 
90 Walnut St.
Savannah, TN 38372
Opening at 11 a.m. on June 25
Hours: Weekdays, 9 a.m. to 6 p.m. Saturday, June 29, 10 a.m. to 2 p.m.

Humphreys County
City of Waverly Fire Dept. 
107 E. Main St.
Waverly, TN 37185
Opening at 11 a.m. on June 25
Hours: Weekdays, 9 a.m. to 6 p.m. Saturday, June 29, 10 a.m. to 2 p.m.

Knox County
Central High School 
5321 Jacksboro Pike
Knoxville, TN 37918
Opening at 11 a.m. on June 25
Hours: Weekdays, 9 a.m. to 6 p.m. Saturday, June 29 10 a.m. to 2 p.m.

Perry County
Tennessee Career Center
113 Factory St.
Lindon, TN 37096
Opening at 11 a.m. on June 25
Hours: Weekdays, 9 a.m. to 6 p.m. Saturday, June 29, 10 a.m. to 2 p.m.

Sevier County
King Family Library
408 High St.
Sevierville, TN 37862
Opening at 11 a.m. on June 25
Hours: Weekdays, 9 a.m. to 6 p.m. Saturday, June 29, 10 a.m. to 2 p.m.

All Disaster Loan Outreach Centers are closed on Sundays.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.

Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the Disaster Loan Outreach Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Aug. 20, 2019. The deadline to return economic injury applications is March 23, 2020.

About the Tennessee Emergency Management Agency: TEMA’s mission is to coordinate preparedness, response and recovery from man-made, natural and technological hazards in a professional and efficient manner in concert with our stakeholders. Follow TEMA on Facebook, LinkedIn, and Twitter, and, at www.tn.gov/tema.

Attachments:
Disaster Loans Now Available Press Release (PDF)
SBA Fact Sheet
Three-Step Process (English)
Three-Step Process (Spanish)