Federal Low-Interest Disaster Loans Available to McNairy County Businesses, Homeowners

NASHVILLE, Tenn. – Tennessee Gov. Bill Lee announced today that McNairy County homeowners and business owners impacted by flooding on July 1, 2020 can apply for recovery assistance from the U.S. Small Business Administration’s low-interest disaster loan program.

“Flooding is a significant threat to life and property in Tennessee, and we're grateful to the U.S. Small Business Administration for assisting Tennesseans in their time of need,” said Gov. Lee. 

McNairy County’s SBA declaration also makes the low-interest loan program available to individual homes and businesses in the contiguous Tennessee counties of Chester, Hardeman, and Hardin, and in Alcorn County in Mississippi.

Individuals can apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov, or by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing.

Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Following the severe flooding in McNairy County in early July, the Tennessee Emergency Management Agency requested the SBA conduct a damage survey to determine the County’s eligibility for a disaster declaration.

“We appreciate SBA reviewing and acting on our request to get this much-needed assistance in place,” TEMA Director Patrick Sheehan said.

The SBA identified a total of eight homes and 18 businesses that sustained uninsured losses of more than $1.24 million and exceeded the SBA’s disaster criteria.

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.