The U.S. Small Business Administration is offering low-interest disaster loans to businesses and residents in Tennessee following the announcement of a presidential disaster declaration due to severe storms, tornadoes and flooding in March and April.
Under the disaster declaration, Davidson, Williamson and Wilson counties are considered “primary counties” and are eligible for physical and economic injury disaster loans from the SBA.
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.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged personal property.
Other Tennessee counties are considered “contiguous counties” under the declaration. Those are Cannon, Cheatham, Dekalb, Dickson, Hickman, Marshall, Maury, Robertson, Rutherford, Smith, Sumner and Trousdale counties.
Economic injury disaster loans are available to small businesses and private nonprofit organizations located in all the counties covered by the declaration.
Those loans are meant to help businesses cover financial obligations that cannot be met as a direct result of the disaster. The business does not need to have been physically damaged.
“The SBA is strongly committed to providing Tennessee residents with the most effective response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority,” said SBA Administrator Isabella Casillas Guzman.
For more information and to apply visit disasterloan.sba.gov. You can also apply by phone at 800-659-2955.
The filing deadline to return applications for physical property damage is July 7. The deadline to return economic injury applications is Feb. 8, 2022.