WASHINGTON (WATE) – The Untied States Small Business Administration is offering Tennessee businesses and residents impacted by severe thunderstorms, tornadoes, wind and hail damage on November 29-30 low-interest loans.
Businesses in McMinn, Bradley, Loudon, Meigs, Monroe, Polk and Roane counties qualify for the loan. Businesses and private non-profit 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.
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.
Interest rates are 3.125 percent for businesses, 2.5 percent for nonprofit organizations, and 1.5 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
“The SBA is strongly committed to providing the people of Tennessee with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said SBA’s Tennessee District Director LaTanya Channel. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Applicants may apply online. February 7-16, SBA’s customer service representatives will be available at the McMinn County Courthouse, located at 6 East Madison Avenue in Athens.
- February 7, 10 a.m. to 6 p.m.
- Monday – Friday, 9 a.m. to 6 p.m.
- Saturday, Feb. 11, 9 a.m. to 1 p.m.
- Closed: Sunday, Feb. 12
- Thursday, Feb. 16, 9 a.m. to 3 p.m.
The filing deadline to submit applications for physical property damage is April 3, 2017. The deadline for economic injury applications is Nov. 1, 2017.