The U.S. Small Business Administration announced Tuesday the opening of Disaster Loan Outreach Centers in Tennessee and Mississippi to assist businesses and residents affected by the remnants of Tropical Storm Olga on Oct. 26, 2019, apply for low-interest disaster loans.
The declaration covers the counties of Decatur, Humphreys, McNairy and Montgomery and the adjacent counties of Benton, Carroll, Cheatham, Chester, Dickson, Hardeman, Hardin, Henderson, Hickman, Houston, Perry, Robertson, Stewart and Wayne in Tennessee; Christian and Todd in Kentucky; and Alcorn in Mississippi.
SBA’s customer service representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications. (See bottom of story for Outreach Center locations and times.)
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Tennessee District Director LaTanya Channel.
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 sustained any physical property damage.
“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,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.
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 damage caused by a similar disaster.
Interest rates are as low as 3.875 percent for businesses, 2.75 percent for nonprofit organizations, and 1.5 percent for homeowners and renters with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website at http://DisasterLoan.sba.gov.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to a 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 Feb. 18. The deadline to return economic injury applications is Sept. 17.
Outreach Centers are located in the following Tennessee communities and are open as indicated:
Opens: Wednesday, Jan. 8, from 11 a.m. until 6 p.m.
Hours: Monday-Friday from 9 a.m. to 6 p.m.
Saturdays, 10 a.m. to 2 p.m.
Last Day: Wednesday, Jan. 22, from 9 a.m. to 4 p.m.
Jack McConnico Memorial Library
225 Oak Grove Road
Selmer, TN 38375
Decatur County Library
20 West Market Street
Decaturville, TN 38329
Department of Public Safety
107 East Main Street
Waverly, TN 37185
William O. Beach Civic Hall, Veterans Plaza
350 Pageant Lane, Suite 303
Clarksville, TN 37040
And in Mississippi,
Opening: Friday, Jan. 3 from 11 a.m. to 6 p.m.
Hours: Monday – Friday, from 9 a.m. to 6 p.m.
Saturdays from 10 a.m. to 2 p.m.
Last day: Tuesday, Jan. 14 from 9 a.m. to 4 p.m.
2800 S. Harper Road
Corinth, MS 38834