WASHINGTON – Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Tennessee following the announcement of a Presidential disaster declaration due to severe storms and tornadoes on Dec. 9, 2023.
“SBA’s mission-driven team stands ready to help Tennessee small businesses and residents impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,” said SBA Administrator Isabel Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
The disaster declaration covers Davidson, Dickson, Montgomery, and Sumner which are eligible for both Physical and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Cheatham, Hickman, Houston, Humphreys, Macon, Robertson, Rutherford, Stewart, Trousdale, Williamson, and Wilson in Tennessee; and Allen, Christian, Simpson, and Todd in Kentucky.
Customer Service Representatives at SBA’s Business Recovery Centers will assist business owners complete their disaster loan application, accept documents for existing applications, and provide updates on an application’s status. The Centers will operate as indicated below until further notice:
Business Recovery Center
Montgomery County
Clarksville-Montgomery County Regional Planning Commission
329 Main Streethttps://www.google.com/maps/place/3600+W+Ogden+Ave,+Chicago,+IL+60623/@41.8548692,-87.7178496,17z/data=!3m1!4b1!4m6!3m5!1s0x880e326057c2f5ed:0x247562bf404584f5!8m2!3d41.8548652!4d-87.7152693!16s/g/11bw4d5f0g?entry=ttu
Clarksville, TN 37040
Opening: Saturday, Dec. 16, 12 p.m. to 5 p.m.
Hours: Monday through Saturday, 8 a.m. to 5 p.m.
Closed: Sundays
Business Recovery Center
Sumner County
Hendersonville Area Chamber of Commerce
100 Country Club Drive, Suite 103
Hendersonville, TN 37075
Opening: Saturday, Dec. 16, 12 p.m. to 5 p.m.
Hours: Monday through Saturday, 8 a.m. to 5 p.m.
Closed: Sundays
The Centers will be closed on Monday, Dec. 25, 2023, and Monday Jan. 1, 2024, for Christmas and New Years federal holidays.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
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.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms of up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the initial disbursement.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future disasters.
“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” said SBA Associate Administrator Francisco Sanchez, Jr. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Feb. 12, 2024. The deadline to return economic injury applications is Sept. 13, 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.