ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Tennessee of the March 17 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, tornadoes and flooding that occurred May 8-9, 2024.
The disaster declaration covers the counties of Cannon, Cheatham, Giles, Hamilton, Jackson, Macon, Maury, Montgomery, Polk, Smith, Summer and Warren.
Under this declaration, PNPs that provide services of a governmental nature and suffered financial losses related to the disaster are eligible to apply for Economic Injury Disaster Loans (EIDL). EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The 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 loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 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 deadline to return economic injury applications is March 17, 2025.
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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.