SBA Offers Disaster Assistance to Tennessee Residents Affected by the Severe Storms in Claiborne County

Release Date: Monday, August 15, 2011
Release Number: 11-661
Related State:
Tennessee
Kentucky
Virginia
Field Operations Center: East
Contact: Michael Lampton

 

WASHINGTON –Residents and businesses affected by the severe storms, tornadoes and flooding that occurred on June 18 through 25, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today. 
 
Mills made the loans available in response to a letter from Tennessee Gov. Bill Haslam on Aug. 4, requesting a disaster declaration by the SBA.  The declaration covers Claiborne County and the neighboring counties of Campbell, Grainger, Hancock and Union in Tennessee; Bell and Whitley in Kentucky; and Lee County in Virginia.
 
“The SBA is strongly committed to providing the people of Tennessee with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills.  “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
 
“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 Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.  SBA’s customer service representatives will be on hand at the Disaster Loan Outreach Center to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications.
 
The Center will be located in the following community and the hours of operation are as indicated:
 
Claiborne County
Lincoln Memorial University
6965 Cumberland Gap Parkway
Carnegie-Vincent Library
Brooks Reading Room, 2nd Floor
Harrogate, TN 37752
Open:        Wednesday, August 17, 2011 – Thursday, August 25, 2011;
                   10:00 a.m. to 6:30 p.m. (Closed Saturday and Sunday)          
Closing:    Thursday, August 25, 2011 at the close of business
 
“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,” said Walter Perry, SBA’s Tennessee district director.
 
The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
 
For small businesses and most private nonprofit 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 2.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
 
Individuals and businesses unable to visit the Center may obtain information on loan applications by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech impairment or deaf and hard-of-hearing), Monday through Friday from 8 a.m. to 6 p.m., or by sending an email to disastercustomerservice@sba.gov.  Loan applications can also be downloaded from the SBA website at www.sba.gov.Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 
 
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
 
The filing deadline to return applications for physical property damage is October 11, 2011.  The deadline to return economic injury applications is May 12, 2012.
 
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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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