Gov. Lee announces low-interest loans for flood victims

Gov. Bill Lee announced Monday the U.S. Small Business Administration will make its disaster loan program available in Hardin and four other counties recovering from the severe storms and flooding from Feb. 6 through Feb. 24, 2019.
“We are committed to pursuing every assistance option available to help Tennesseans put their lives and businesses back together from the floods earlier this year,” Lee said.
The SBA declaration covers Hardin, Decatur, Humphreys, Perry, and Sevier counties, as well as the adjacent counties of Benton, Blount, Carroll, Chester, Cocke, Dickson, Henderson, Hickman, Houston, Jefferson, Knox, Lewis, McNairy, and Wayne.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition., However, interest rates are as low as 2.063% for homeowners and renters, 2.75% for nonprofit organizations, and 4% for businesses, with terms up to 30 years.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans 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.
SBA will also open seven Disaster Loan Outreach Centers and have representatives available to help individuals complete their applications and to answer questions about the loan program. The Disaster Loan Outreach Centers will open Tuesday, June 25, and operate until Tuesday, July 2.
In Hardin County, the Disaster Loan Outreach Center is at the Hardin County Fire Department, Station 12, at 90 Walnut St. in Savannah.
The center will open at 11 a.m. on June 25, and its hours are from 9 a.m. to 6 p.m. on weekdays, and on Saturday, June 29, from 10 a.m. to 2 p.m.
Applicants can apply online at DisasterLoan.sba.gov.
Information and loan applications are also available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.
Loan applications can also be downloaded at www.sba.gov.
Completed applications should be returned to a Disaster Loan Outreach Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Aug. 20, 2019. The deadline to return economic injury applications is March 23, 2020.

1 Comment

  1. Gelt Financial on June 24, 2019 at 8:49 pm

    Well written and to the point. I appreciate the detail in this article!

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