ATLANTA – The U.S. Small Business Administration (SBA), Office of Disaster Recovery and Resilience, in partnership with the Covington–Tipton County Chamber of Commerce, invites small business owners in Tennessee to learn how an SBA working capital loan can help them recover from last spring’s disaster at an information workshop on Friday, Dec. 9, at 8 a.m. There is still time to apply for working capital loans available due to severe storms, straight-line winds and tornadoes from March 31 through April 1, 2023.
Please register at the following link to attend:
https://business.covington-tiptoncochamber.com/events/details/sba-eidl-workshop-839
Friday, Dec. 8th @ 8 a.m. to 9 a.m.
Covington Civic Center
100 W. Washington Ave.,
Covington, TN 38019
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) 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. The application filing deadline is Jan. 8, 2024.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and
2.375% for private nonprofit organizations, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
These low-interest disaster loans are available in the following counties: Bedford, Cannon, Chester, Clay, Coffee, Crockett, Davidson, Decatur, DeKalb, Fayette, Hardeman, Hardin, Haywood, Henderson, Hickman, Jackson, Lauderdale, Lawrence, Lewis, Macon, Madison, Marshall, Maury, McNairy, Perry, Rutherford, Shelby, Smith, Sumner, Tipton, Trousdale, Warren, Wayne, Williamson and Wilson in Tennessee; Lauderdale in Alabama; Crittenden and Mississippi in Arkansas; Allen and Monroe in Kentucky; and Alcorn, Benton, Tippah and Tishomingo in Mississippi.
Applicants may apply for an EIDL online via SBA’s secure website sba.gov/disaster.
To obtain disaster loan information and application forms call the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or send an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to SBA no later than Jan. 8, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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.