For small businesses in Campbell and Claiborne Counties

NASHVILLE, TN (SPECIAL TO WLAF)– Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in  Campbell and Claiborne Counties in Tennessee following the announcement of a Presidential disaster declaration due to severe storms, straight-line winds, tornadoes, landslides, and mudslides that occurred on April 2, 2024. 

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. For small businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) 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. 

Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. To learn more, visit here. 

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

The filing deadline to return applications for physical property damage is next Monday, July 22, 2024. The deadline to return economic injury applications is Feb. 24, 2025. (WLAF NEWS PUBLISHED – 07/16/2024-6AM)

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