Small Business Administration offers disaster assistance to businesses and residents of Tennessee affected by severe storms associated with the remnants of Tropical Storm Olga

The U.S. Small Business Administration (SBA) announced today, the opening of Disaster Loan Outreach Centers (DLOCs) in Tennessee to assist businesses and residents affected by severe storms associated with the remnants of Tropical Storm Olga on Oct. 26, 2019, apply for low-interest disaster loans.
The declaration covers the following Tennessee 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.
The Centers are located at: Decatur County, Decatur County Library, 20 West Market Street Decaturville, TN 38329; McNairy County, Jack McConnico Memorial Library, 225 oak Grove Road Selmer, TN 38375; Humphreys County, Department of Public Safety, Department of Public Safety, 107 East Main Street Waverly, TN 37185; Montgomery County, William O. Beach Civic Hall, Veterans Plaza, 350 Pageant Lane, Suite 303 Clarksville, TN 37040.
The centers open Wednesday, Jan. 8, from 11 a.m. to 6 p.m. and are open until Wednesday, Jan. 22, from 9 a.m. to 4 p.m. Until the last day, the centers hours are Monday-Friday from 9 a.m. to 6 p.m., Saturdays, 10 a.m. to 2 p.m. and are closed on Sundays.
“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 suffered 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.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.
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. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses and individuals may also obtain information and loan applications 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 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, 2020.
The deadline to return economic injury applications is Sept. 17, 2020.