ATLANTA – The U.S. Small Business Administration (SBA) is reminding businesses of all sizes, private nonprofit organizations, homeowners and renters in Tennessee affected by the severe storms and straight-line winds that occurred June 25-26, 2023, to apply for physical damage disaster loans by the Dec. 26 deadline.
Anyone in the declared counties with physical property damage should apply for the low-interest disaster loan program. The declaration covers Shelby County and the adjacent counties of Fayette and Tipton in Tennessee, Crittenden and Mississippi in Arkansas, and DeSoto and Marshall in Mississippi.
Interest rates are as low as 4% for businesses, 2.375% for nonprofit organizations, and 2.5% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online via SBA’s secure website sba.gov/disaster and should apply under SBA declaration # 20034.
The filing deadline to return applications for physical property damage is Dec. 26, 2023. The deadline to return economic injury applications is July 26, 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, 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.