KNOXVILLE, Tenn. (WATE) – Tennessee business owners and residents affected by storms on Memorial Day weekend can apply for a low-interest disaster loan from the U.S. Small Business Administration.
SBA Administrator Linda McMahon made the announcement on Monday in response to a letter from Gov. Bill Haslam on June 13, requesting a disaster declaration covering Blount, Knox, Loudon, Monroe and Sevier counties, as well as Graham and Swain counties in North Carolina.
Previous story: Gov. Haslam requests FEMA assistance for Memorial Weekend storms
SBA representatives will be available through June 29 at the Blount County Operations Center, 1221 McArthur Road, in Maryville. It’s open weekdays from 8 a.m. to 4:30 p.m. and on Saturday from 10 a.m. to 2 p.m. It will be closed on Sunday.
Businesses and nonprofits can borrow up to $2 million to repair or replace property and other business assets. Indiciduals can borrow up to $200,000 to replace or repair real estate. Loans of up to $40,000 are available to repair or replace personal property.
Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 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 filing deadline to return applications for physical property damage is Aug. 15, 2017. The deadline to return economic injury applications is March 16, 2018.