SBA Offers Loans For Those Affected By Storms

The U.S. Small Business Administration is offering low-interest loans to eligible homeowners, renters and business owners whose property was damaged during the severe storms and tornadoes that struck Middle Tennessee Feb. 5.

“The Small Business Administration can assist more than just small businesses; renters, homeowners, non-profits and businesses of all sizes can benefit from the low-interest loans available in the wake of a disaster,” said Bart. “While some of the loans can help with the cost of physical repairs, other loans are available to help prevent future damage.”

Residents of Macon, Sumner and Trousdale counties are eligible to apply for loans for damage to homes, property and businesses.

Homeowners in those counties may qualify for disaster loans of up to $200,000 to repair or replace real estate damaged by the storms. Homeowners, as well as renters, are eligible for loans of up to $40,000 to replace and repair damaged or destroyed personal property.

Businesses of all sizes and private non-profit organizations may qualify for up to $1.5 million for damage to property and assets.

Additional funds are available from SBA to help property owners make improvements to prevent damage from future storms.

Small business owners in those counties, as well as Clay, Jackson, Marshall, Robertson, Rutherford, Smith and Wilson counties, may be eligible for Economic Injury Disaster Loans to help meet capital needs even if the businesses sustained no property damage.

The SBA sets terms and amounts for each loan on a case-by-case basis. Terms can be up to 30 years, and interest rates can be as low as 2.75 percent for homeowners and renters and as low as 4 percent for businesses.

According to the SBA, property owners should register with the Federal Emergency Management Agency before applying for the loans. To register with FEMA, call 1-800-621-FEMA or visit www.fema.gov.

The deadline to apply for property damage loans is April 7. and the deadline to apply for economic injury loans is November 7.

Additional details are available at www.sba.gov or by calling the SBA Customer Service Center at 1-800-659-2955.