ATLANTA – The U.S. Small Business Administration (SBA) announced today that physical disaster loans are now available in three additional counties Cheatham, Gibson, and Stewart. SBA’s low-interest disaster loans are available to Tennessee businesses and residents affected by the severe storms and tornadoes that occurred on Dec. 9, 2023.
The disaster declaration covers Cheatham, Davidson, Dickson, Gibson, Montgomery, Stewart, and Sumner counties which are eligible for both Physical and Economic Injury Disaster Loans (EIDLs). Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Benton, Carroll, Crockett, Dyer, Henry, Hickman, Houston, Humphreys, Macon, Madison, Obion, Robertson, Rutherford, Trousdale, Weakley, Williamson, and Wilson in Tennessee and Allen, Calloway, Christian Simpson, Todd, and Trigg 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
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
Hours: Monday through Saturday, 8 a.m. to 5 p.m.
Closed: Sundays
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.
Interest rates are as low as 4% for businesses, and 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interest does not begin to accrue, and payment are not due until 12 months from the date of the initial disaster loan disbursement.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
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.