Claiborne and Whitley Counties are also eligible

NASHVILLE, TN. (SPECIAL TO WLAF)– Federal low-interest disaster recovery loans from the U.S. Small Business Administration (SBA) are available to qualified businesses in Campbell and Claiborne Counties, Tennessee, as part of the Presidential Disaster Declaration following recent tornadoes in Whitley County, Kentucky. (WHITLEY COUNTY PHOTO COUTRESY OF WYMT-TV)

Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations are eligible for SBA Economic Injury Disaster Loans (EIDL) to help meet working capital and normal expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments. EIDL assistance is available regardless of whether the business suffered any physical property damage.

SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The actual amount of each loan is limited to the actual economic injury determined by SBA, less insurance and other recovery assistance. EIDL assistance is intended to support jobs impacted by a natural disaster where the business cannot provide fully for its own recovery through non-government sources.

Interest rates for these loans is four percent for businesses and agricultural cooperatives, and 3.25 percent for qualified nonprofit organizations. Other benefits include deferred first payment, no interest accrual for the first 12 months, and terms up to 30 years.

 Apply for assistance online at MySBA Loan Portal, or contact the SBA Customer Service Center at disastercustoesmerservice@sba.gov or by phone at 1-800-659-2955.

Application deadline: Feb. 24, 2025, for EIDL assistance in Campbell and Claiborne Counties, Tennessee, related to this disaster declaration.

(WLAF NEWS PUBLISHED 6/3/2024- 6AM)

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