Deadline to Apply for Physical Disaster Loans in Tennessee is October 15

Release Date: Friday, September 14, 2012
Release Number: 12-874
Related State:
Tennessee
Field Operations Center: East
Contact: Mark Ihenacho

ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Tennessee that the deadline to submit disaster loan applications for damages caused by severe storms, flooding and heavy rains which occurred on Aug. 5 - 6 is only weeks away.  The disaster declaration covers Washington County and the adjacent counties of Carter, Greene, Hawkins, Sullivan and Unicoi in Tennessee.  The deadline to file an SBA disaster loan application for physical damage is October 15, 2012.

“I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. “If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan,” said Skaggs.  

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. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquacultural, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from www.sba.gov.  Completed applications should be 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 October 15, 2012.  The deadline to return economic injury applications is May 16, 2013.

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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.  

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